Azerbaijan, Baku, Oct. 5 / Trend A.Akhundov /
Changes are expected to take place in the shareholders' structure of the British-Azerbaijani Insurance Company Temza Sigorta Qrupu by late 2010, CEO Samir Mustafayev said.
Temza Sigorta Qrupu is owned by the British Glencarron Group Limited (49 percent), which has operated on the Azerbaijani market since 1996, and Azerbaijani physical and legal entities, such as Gala Investment.
"The share of the British Glencarron Group Limited may be purchased by local investor," Mustafayev said. "In this regard, the talks are underway with potential investors interested in buying shares in the company. If the foreign shareholder agrees to participate in raising capital of Temza Sigorta, it can stay among the shareholders. However, this issue has not been resolved yet."
According to him, the situation will become clearer in a month.
According to the approved minimum capital requirements of the Finance Ministry to the insurance companies, as of Jan.1, 2010 the insurance companies had to bring the total capital to 2 million manat reinsurance companies - four billion manat, as of Jan.1, 2011 - up to 3.5 million manat and seven million manat respectively , as of Jan.1,2012 - five million and 10 million manat, respectively.
Mustafayev said the company is preparing to raise its charter capital from the current 0.9 million manat to at least two million manat.
According to the State Insurance Supervision Service under the Azerbaijani Finance Ministry, the company collected insurance premiums amounting to 0.31 million manat in January-August and paid compensation amounting to 0.12 million manat. In 2009, the company collected premiums of 0.93 million manat, while payments amounted to 0.89 million manat. The company expects to increase the volume of premiums to 1.3-1.5 million manat by late 2010.
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