Azerbaijani insurance company not changes form of property
Azerbaijan, Baku, June 24 / Trend U. Ismayilova /
Roughly 27 of 28 operating insurance companies changed form of property from CJSC to OJSC upon the law Insurance activity operating in Azerbaijan from March 2008, director of state agency on insurance control under the ministry of finance Namik Khalilov said on June 24.
State commercial insurance Azesigorta Company is the only insurance company that has not changed its legal status up to now," Khalilov said.
Certain operations and time are needed to change form of property of insurer, he said.
"I think this company will change form of property from CJSC to OJSC during a year," Khalilov said.
Roughly 28 insurance and a re-insuring company operate in Azerbaijan. According to the ministry of finance, total volume of insurance collections within January-April hit 58.46 million manat given payments in the amount of 15.23 million manat. Premiums of Azersigorta hit 10.21 million manat within this period given payments in the amount of 4.16 million manat, Azersigorta is the only state insurance company operating over 80 years on the market.
On June 24, the official exchange rate is 0.804 manat to $1.
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