Founders of liquidated Azerbaijani-Iranian insurance company to create liquidation commission
Azerbaijan, Baku, Jan. 8 / Trend , U.Ismayilova/
Founders of the liquidated Azerbaijani-Iranian insurance company Azer-Asiya will have a meeting in Baku Jan.11, Azersigorta (Azeri founder) company's deputy chairman Aftandil Hajiyev said.
"The meeting will discuss the establishment of a liquidation commission once again, as Iranian side cannot accept the liquidation of the subsidiary outside the country because of its economic state," Hajiyev said.
Hajiyev said Azerbaijan will again offer to create a liquidation commission to Iranian founders and to issue permission for rendering other services rather insurance.
Earlier, an Azerbaijani founder intended to appeal to the court to create a liquidation commission. However, it was decided to solve the problem without outside interference.
In February, the Azerbaijani Finance Ministry refused to Azeri-Asia insurance company to extend term of license on insurance activity, which was issued Nov. 21, 2002. The ministry refused from extending the term of license after an analysis into the company's activities from Oct. 1, 2006 to Oct. 1, 2007, which revealed inconsistencies with the insurance legislation and the necessary requirements. Examinations also revealed some facts of violations.
After announcing this decision, the company's board took a decision to pass its portfolio to another BE& G insurance company without changing the terms of agreements. At the moment of closing the company had 17,000 individual and 60 corporative clients.
Azer-Asiya joint insurance company, whose founders are the Iranian Asiya Sigorta (49 percent) and AzerSigorta (51 percent), the state insurance commercial company, has operated at the Azerbaijani insurance company since 1997.
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