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Azerbaijan suspends insurance company's license

Business Materials 22 August 2011 15:54 (UTC +04:00)
The State Insurance Supervision Service under the Azerbaijani Finance Ministry has suspended a license of insurance company Fidan Sıgorta, the service said on Monday.
Azerbaijan suspends insurance company's license

Azerbaijan, Baku, Aug. 22 / Trend, A.Akhundov /

The State Insurance Supervision Service under the Azerbaijani Finance Ministry has suspended a license of insurance company Fidan Sıgorta, the service said on Monday.

According to the report, the decision has been made in connection with the company's failure to notify the State Insurance Supervision Service on ensuring existing standards for financial stability and solvency of the insurer.

Insurance Company Fidan Sıgorta, founded by one legal and two physical entities, has been functioning in Azerbaijan since 1994. The company's paid authorized capital is 2.26 million manat.

The official exchange rate is 0.7863 manat to $1 on Aug.22.

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