Azerbaijan’s Insurance Control Organization Refuses to Extend License of Joint Insurance Company

Business Materials 15 February 2008 19:45 (UTC +04:00)

Azerbaijan, Baku, 15 February /corr. Trend I.Khalilova / Azerbaijan's Ministry of Finance refused to prolong the license of the joint insurance company Azer-Asia (Azerbaijan-Iran). The company was provided with the license form on 21 November 2002, the Ministry reported.

The license in Azerbaijan is issued for a period of five years, and therefore, the permission for Azer-Asia Company's activity expired in November 2007. The key reason of refusal is the results of the review over the period from 1 October 2006 to 1 October 2007. Shortages were discovered during the inspection.

The Ministry notified the Company of refusal to provide a new license.

The insurance premiums of the insurance companies of Azerbaijan, as a result of 2007, made up AZN 1.13mln and payments - AZN 0.8mln.

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