Azerbaijani Finance Ministry removes illegal non-payment of insurance cases

Business Materials 10 January 2012 18:28 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 / Trend A. Akhundov /

The State Insurance Supervision Service at the Azerbaijani Finance Ministry during 2011 ensured payment of about 245 manat. The insurance companies unreasonably refused to pay, the head of the department in the State Insurance Supervision Service Mahir Abdullayev told Trend today.

"The payments were made on the basis of complaints to the Finance Ministry," he said. Those affected as a result of insurance cases made these complaints. The insurance companies unreasonably refused to make payments."

He said that this volume increased by 45,000 manat compared to 2010.

There are 29 insurance and one reinsurance companies in Azerbaijan. Fidan Sıgorta insurance company's license was suspended.

The total volume of premiums of all companies operating in the country amounted to 193.11 million manat for 11 months (the growth by 38.11 per cent), and payments for the period were carried out at 55.95 million manat (the growth by 23.02 percent).

The official exchange rate is 0,7863 AZN/USD on Jan. 10.