Azerbaijani insurer to resume activity
Azerbaijan, Baku, July 12 / Trend U.Ismayilova /
The Azerbaijani insurance company Gunay Sigorta will resume activity by late July, Chairman of the Board Emin Agayev said Monday. The company's license was suspended by the Finance Ministry in May for not complying with national legislation.
"Such expectations are connected with plans to place additional shares July 25-26," he said.
Agayev added that the company's share capital will increase to 2.6 million manat and its total capital to 2.5 million manat.
In accordance with the law on insurance activity, insurance companies had to bring their total capital to at least 2 million manat by Jan. 1.
According to the law, Azerbaijani insurers cannot invest more than 60 percent of their total capital in bank deposits, and more 30 percent in one bank. The law also states that insurers may invest in real estate, private equity and other areas.
Gunay Sigorta 's premiums in January-May totaled 0.44 million manat with payments of 0.08 million manat. Gunay Bank is the company's only founder.
The official exchange rate is 0.8038 manat to $1 July 12.