Azerbaijani Insurance Company Gained Unlimited License

Business Materials 17 September 2008 13:12 (UTC +04:00)

Azerbaijan, Baku, 17 September / Trend corr. U.Ismayilova /Azerbaijani Finance Ministry issued an unlimited license to the Star Alliance Sigorta insurance company.

The Bill on Insurance activity, which was adopted on 15 March 2008, envisages unlimited license to insurance companies.

On 28 September 2007, the Finance Ministry cancelled Star Alyans company's insurance license. The monitoring held in the insurance sphere revealed Star Alyan's insurance activity contradicted the 4th point of the Bill 46. Under the Bill 46, company's capital should not be less than its authorized capital. The minimum authorized capital of insurance companies, under the acting legislation, should comprise AZN 700,000.

On 24 December, the Finance Ministry resumed Star Alyans's license after repeated monitoring.

Other insurance companies - Gunay Anadolu Sigorta, Azergarant, A-Group and two insurance brokers Azerbaijan insurance broking and AON Azeri Sigorta were also granted with unlimited licenses.

There are 29 operating insurance companies in Azerbaijan.

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