Azerbaijani insurance company to up authorized capital by 100 percent

Business Materials 27 February 2009 16:33 (UTC +04:00)

Azerbaijan, Baku, Feb. 27 / Trend , U.Ismayilova/

The Azerbaijani insurance company Az Sigorta will increase its authorized capital by 100 percent, Deputy Chairman Khayal Mammadkhanli said on Feb. 27.

"Our authorized capital will increase from two to four million manat," Mammadkhanli said.

The company will increase its authorized capital via its own revenues, he said.

On Jan. 1, banks, insurance and reinsurance companies were freed from taxes on revenues directed at increasing capitalization. The law increases the rate of development of the financial sector.

Income taxes in Azerbaijan are 22 percent.

There are 45 banks, 28 insurance and one reinsurance company in the country.

Az Sigorta has operated since November 2006. The company offers 28 types of insurance services.

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