Founders of Liquidated Azerbaijan-Iran Insurance Company Prepared to Put up $10mln to Restore Company
Azerbaijan, Baku, 12 May / corr. Trend U. Ismayilova/ The founders of the liquidated Azerbaijan-Iran Insurance Company Azer-Asiya plan to put up $10mln to restore the company, Gambar Suvanverdiyev, the chairman of the Board of Directors of the Company said. The decision was adopted in the meeting of the founders of the company last week.
"The founders of the company intend to hold talks with the Ministry of Finance to obtain an insurance license," said Suvanverdiyev.
On 15 February, the Ministry of Finance of Azerbaijan refused to prolong the insurance license of Azer-Asiya insurance company issued on 21 November 2002.
The reason of the refusal to prolong the license was the analysis conducted into the conformance of the operations of the company to the insurance legislation and license requirements carried out from 1 October 2006 up to 1 October 2007. The check-ups revealed violation of insurance terms advanced by the Ministry of Finance earlier.
According to Suvanverdiyev, the founders have decided to restore the Company both for insurance and re-insurance services.
"The obtaining of the license by the company will take place in line with the current law," said Namig Khalilov, the head of the State Insurance Control Department of the Ministry of Finance of Azerbaijan while commenting the move by the company.
According to Suvanverdiyev, at present, the Company is engaged in sales of its portfolio and reduction of its stuff.
The Company has 17,000 physical and 60 cooperative clients and all of them are informed about the sale of their policies. The Company is selling its portfolio (all the signed insurance policies) to the other domestic companies.
The founders of the joint insurance company Azer-Asiya is Iranian Asiya Sigorta (49%) and State Insurance Trading Company AzerSigorta (51%). The Company was operating in the Azerbaijani market since 1997.
The correspondent can be contacted at: [email protected]