Changes in Azerbaijan's joint insurance company
Azerbaijan, Baku, June 30 / Trend , I.Khalilova/
The shareholders of joint insurance company Basak Inam decided to increase the authorized capital up to two million manat, and soon it will be brought to that level, said Director General of the insurance company Orkhan Hasanov.
"We intend to adhere to minimum requirements of the Finance Ministry to the capital of insurance companies, which should be reached to two million manat by 2010 and $3.5 million in 2011," Hasanov said.
Hasanov said the company intends to be capitalized in stages, and this decision depends on the shareholders and board of directors of the company.
"In accordance with the requirements of the law on "Insurance", we made some structural changes, namely, along with the change of ownership to an open joint stock company, board of directors, as well as audit committee were formed," Hasanov said.
Regarding a control stake package in Basak Inam belongs to Azerbaijan and the board of directors is headed by an Azerbaijani citizen Akif Karimov. The board also comprises two French citizens and one Turkish. Chairman of the audit committee is Turkish citizen Levent Ozal, and he has two assistants - Azerbaijani citizens.
Basak Inam was established in 1996 with a 49-percent share in the Turkish Basak insurance company. Basak Inam is a joint insurance company whose shareholders include the French Investment Corporation Groupama. This company became a shareholder of the insurance company after purchasing a 60-percent share of the Turkish Basak insurance company.
On June 30, the official exchange rate is 0.8041 manat to $1.
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