Azerbaijan, Baku, Feb.20 / Trend A.Akhundov/
The British-Azerbaijani Temza Sıgorta Qrupu does not intend to leave the insurance market, Chairman of the board Samir Mustafayev told Trend on Monday.
The company's capital is 1 million manat, while the minimal requirement became 4 million manat in early 2012. The company's license expired on Feb. 12. The license was issued in 1996 and renewed in 2007. it was reissued in 2009 due to legal changesin the company.
In accordance with the law, "On insurance activity", which came into force in March 2008, insurance authorization today is issued for an indefinite period, whereas previously a period of five years was granted to companies. Companies can apply for an indefinite license after the expiration of their current authorization.
"We have not yet contacted the State Insurance Supervision Service for a new license," Mustafayev said.
The shareholders have not yet agreed on increasing the capital to the required level, he added.
"Even if our license is suspended, we will have six months to take the necessary measures," Mustafayev added.
TheBritish Glencarron Group Limited owns a 49 percent stake in the authorised capital of Temza Sigorta Qrupu. Temza Sigorta Qrupu has been operating on Azerbaijan's insurance market since 1996.
The official exchange rate on Feb.20 is 0.7863 AZN/USD.