Canceled Azerbaijani-Iranian Insurance Company Takes Measures to Sale Portfolio

Business Materials 9 September 2008 14:19 (UTC +04:00)

Azerbaijan, Baku, 9 September / Trend corr. U.Ismayilova / The joint Azerbaijani-Iranian insurance Azer-Asia company, which was canceled by the Azerbaijani Finance Ministry, will hold another common founders' meeting on 7 October.

"Fulfillment of obligations and concrete measures are taken to sale the portfolio will be the subject of discussion at the meeting," the company said.

Azer-Asia's founders stated about the sale of portfolio in May after cancelling of its insurance license. Company has 17,000 individuals and 60 corporative customers. All of them are informed of the sale. Company is to sale its portfolio excluding insurance policy to other insurance companies.

In August, company requested AZN 300,000 from its founders to pay debt to insurers and employees. Under the sides' share in the company, 51% will be paid by Azerbaijani founder and 49% - by Iranian founder.

Azerbaijani Finance Ministry rejected to prolong the license to Azer-Asia' operating in February. Ministry grounds rejection to issue a license to the analyses over the company's operating from 1 October 2006 to 1 October 2007. Certain violation was revealed during the analysis.

The joint insurance Azer-Asia company, which was founded by the Iranian Asiya Sigorta (49%) and Azerbaijani insurance AzerSigirta commercial company (51%), had been operating in the Azerbaijani market since 1997.

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