Azerbaijani-Iranian Company Suspends Insurance Activity

Business Materials 18 August 2008 13:28 (UTC +04:00)

Azerbaijan, Baku, 18 August / Trend corr. U.Ismayilova / Azer-Asia, the Azerbaijani-Iranian joint insurance company, asked AZN 300,000 from its founders to pay debts to insured and employees, Gambar Suvanverdiyev, chairman of the board of company, said.

"Under the shareholders' capital in the company, some 51% will be allocated by Azerbaijani founder and 49% - by Iranian founder of Azer-Asia," Suvanverdiyev said.

The Finance Ministry refused to prolong Azer-Asia license on insurance activity, which was issued on 21 November 2002. The reason for refusal became the results of the analysis over the company from October 2006 to October 2007. Some violations were revealed during the control.

Suvanverdiyev said that the company has already sold 50% portfolio. The rest 17,000 individuals and 60 corporative customers were informed of hold up.

The decision to form joint-stock company of Azer-Asia was made at the late meting of founders at early August. The activity of joint-stock company will be defined as soon the current debt of Azer-Asia is solved.

Azer-Asia JSC, which was founded by Iranian Asia Sigorta (49%) and Azerbaijani state-run insurance commercial company AzerSigorta (51%), had been operated in Azerbaijani insurance market since 1997.

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