Azerbaijan, Baku, Sept. 15 / Trend A. Akhundov /
Azerbaijani insurance company Alfa Sıgorta plans to be entitled for working in Compulsory Civil Liability Insurance of Owners of Motor Vehicles again, new head of the company's board of directors Elshad Aliyev told Trend on Thursday.
The permit was revoked by the Ministry of Finance on July 3 in connection with the many irregularities in the company's work on this type of compulsory insurance. The company may appeal to restore the permissions in six months after the decision.
"We will be able to apply for restoring the permission in early 2013," he said. "The shortages found in the previous management will be removed during this period."
He added that the company continues working on compulsory insurance of property and mandatory liability insurance while exploiting real estate.
"Guaranteed deposits on this type (200,000 manat, deposited by the company to the Bureau on compulsory insurance), will not be returned because the company has retained obligations under the contracts," head of the State Insurance Supervision Service under the Azerbaijani Finance Ministry, Namig Khalilov said earlier.
"If the violations are resolved, permission can be restored," Khalilov said.
The company was included in the registry offices of compulsory insurance on January 23. Then, in addition to compulsory insurance of liability of car owners, the company received permission to provide services for compulsory insurance of immovable property and liability insurance in the operation of real estate.
Alfa Sıgorta is Texnikabank's subsidiary. It was established in 1997. It is one of the oldest companies of the Azerbaijani insurance sector.
Official exchange rate is 0.7853 AZN/USD on Sept. 15.