Azerbaijan, Baku, April 8 / Trend, A. Akhundov /
Azerbaijani Buta Sigorta insurance company intends to join the Compulsory Insurance Bureau before the end of 2013, company chairman Abbas Babaev told Trend on Monday. The company has already applied for a permit to the Ministry of Finance.
The Bureau of Compulsory Insurance was established in Azerbaijan in accordance with the law on 'Compulsory types of insurance'. It regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate. Insurance companies started using the law since December 16, 2011.
Buta Sigorta intends to deal with all these types, except for passenger insurance.
The Bureau includes 12 insurance companies. Six companies founded the bureau: Pasha Sıgorta, Ateshgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance. Later, AzSıgorta, Alfa Sıgorta, State Insurance Commercial Company of Azerbaijan, İpek Yolu Sıgorta, Azerbaycan Senaye Sıgorta and Meqa Sıgorta entered the bureau.
Additional requirements have been applied for the Bureau participants since July 1, according to which the insurer should have a branch or representative office with all the features needed for reparation of damages in at least one of the areas or cities of 10 economic regions of the country, with the exception of the occupied territories.
According to Babayev, the company already has a branch in Ganja and six offices.
Earlier, a 49 per cent stake in the company was owned by the British Glencarron Group Limited. Temza Sigorta Qrupu (present Buta Sigorta) has been operating in the insurance market since 1996. Azerbaijan's share was owned by local individual and legal entity (Gala Investment).
Now the company has six shareholders - The Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq with a 19 percent stake each, and NAB Holding with a five-percent participation.
"The company has changed significantly following the change of the composition of shareholders last year. It can be said that the company was rebuilt - everything has changed for the better from the IT-infrastructure to management," Babaev said.