AzerSigorta to Discuss with Iranian Partners Problems among Insurance Companies

Business Materials 18 February 2008 13:45 (UTC +04:00)

Azerbaijan, Baku, 18 February / Trend corr. U.Ismaylova / The founders of the joint Azerbaijani-Iranian insurance company Azer-Assiya, which was deprived a license by the Finance Ministry to offer insurance services, are to meet in Baku to discuss the further functions of the company, Gambar Suvanverdiyev, the Chairman of the company stated.

"The company did not break legislation, which the Finance Ministry stated," Suvanverdiyev said.

The Azerbaijani Finance Ministry rejected to extend Azer-Assiya's license, issued on 21 November 2002. The license term is five years in Azerbaijan.

Azer-Assiya's founders are the Iranian Assiya S?gorta (49%) and State insurance company AzerS?gorta (51%).

The results of the company from 1 October 2006 to 1 October 2007 were the key reason of stopping its license by the Ministry. Audits held in the company revealed several violations of insurance conditions.

According to Aftandil Hajiyev, the Azerbaijani founder of the company and deputy chairman of AzerS?gorta, the company's future will be settled after a meeting with the Iranian founders.

"We as founders of Azer-Assiya are not responsible for the company's operating, but create conditions for its implementation only," Hajiyev said.

Insurance premiums of Azer-Assiya made up AZN1.13mln and claims AZN 0.8mln in 2007.