Azerbaijan, Baku, 27 February / cor. Trend U. Ismayilova/ The joint Azerbaijani-Iranian insurance company Azer-Asiya, whom the Ministry of Finance of Azerbaijan refused to prolong insurance license on 15 February announced the sale of its portfolio, Gambar Suvaverdiyev, the chairman of Board of Directors of the company said on 27 February.
According to Suvanverdiyev, the company has some 17,000 physical and about 60 cooperative clients and all of them are informed of the sale of their policies.
The Ministy of Finance of Azerbaijan refused to prolong the insurance license of Azer-Asiya insurance company that was granted on 21 November 2002. The refusal to prolong the license is attributed to the results of the analysis of the company's activities from 1 October 2006 to 1 October 2007 which reviewed the conformance of company's activities to the insurance legislation. The analysis revealed violations of law within the company.
According to Suvanverdiyev, the company plans to sale its portfolio (all the signed insurance policies) to the other domestic insurance companies.
Azer-Asiya, founded by Azerbaijani state insurance company AzerSıgorta (51%) and Iranian commercial company Asiya Sıgorta (49%), has been functioning in Azerbaijan since 1997.
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