Azerbaijan, Baku, 14 March / corr. Trend I. Khalilova/ In 2007, the Finance Ministry of Azerbaijan granted a license to one insurance company, one re-insurance company and also prolonged the license of one broker and six insurance companies, the government report on social and economic development during 2007 said.
The State Insurance Control canceled the license of one insurance company due to the violation of insurance legislation and for some other serious violations.
As of 1 January 2008, there are some 29 insurance companies, 1 re-insurance company and 7 insurance broker companies in Azerbaijan.
In the course of 2007, the State Insurance Control checked the activities of 9 insurance companies. The repudiations of the companies regarding the non payment of the insurance was revealed and payments worth of AZN11,700 were carried our after the intervention of State Insurance Company.
In 2007, some 63 complaints were made answerable to State Insurance Control concerning the payment of insurance. While studying the complaints some violations were revealed and insurance payments worth of AZN77,400 were paid out after the State Insurance Company intervened.
The authorized capital stock of all the Azerbaijani insurance companies totaled to AZN64.7mln at the end of 2007, which is 65.1% more than the figure of 2006.
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