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New Insurance Company Granted License in Azerbaijan

Business Materials 4 August 2008 14:38 (UTC +04:00)

Azerbaijan, Baku, 4 August / Trend corr. I.Khalilova / Azerbaijani Finance Ministry has issued a license to a new insurance company Gala Sigorta for five years term, the Ministry reported.

Gala Sigorta was established by the one Azerbaijani re-insurance company AzRE, which owns 60% of assets and 40% - belongs to an individual Nizami Mahmudov.

The company was established with AZN 1mln capital as its license was granted on 31 July. So, the company was not included into the new state schedule to increase the minimum capital in insurance and reinsurance companies to AZN 5mln and AZN 10mln correspondingly.

At present, there are 28 insurance companies in Azerbaijan. The license of two insurance companies - Absheron and Azer-Asia with specific gravity of total insurance premiums (AZN 96.87mnl) 0.33% and 0.11% as for the first quarter of 2008, were cancelled.

On 4 August, the official currency rate is 0,809 AZN/USD

The correspondent can be contacted at:[email protected]   

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