Azerbaijani insurance company doubles authorized capital
Azerbaijan, Baku, May 14 / Trend , U. Ismayilova/
Azerbaijan's large insurance company Az Sigorta will double an authorized capital, company's director Khayal Mammadkhanli said.
"The authorized capital will be increased up to 4 million manat from the current 2 million manat," Mammadkhanli said.
The authorized capital will be increased via last year's income which stood at 2 million manat payment of taxes, he said.
The income directed at capitalization is exempted from the tax on income to stimulate insurance companies from 2009.
Az Sigorta was founded in November 2006. The company has eight branches in regions and about 40 representative offices. The company offers 28 types of services three of which are obligatory.
Az Sigorta premiums totaled 3 million manat and payments 946,000 manat in the first quarter of 2009. The great part of premiums accounted for air transport (829,000 manat), insurance of cargo (640,000 manat), insurance from fire (740,000), KASKO (319,000 manat) and OSAQO (168,000).