Azerbaijani insurer can attract foreign capital to recover license
Baku, Azerbaijan, March 27
By Abbas Akhundov - Trend:
Azerbaijani insurance company Royal Sıgorta, whose license was suspended at the end of February 2014, may attract new shareholders, Royal Sıgorta Company's board chairman Nusrat Babayev told Trend on March 27.
In order to restore the license it is needed to bring aggregate capital of the company to the minimum requirements of the Finance Ministry within six months, according to the legislation.
Minimum amount of the aggregate capital of insurers operating on type of non-life is set at five million manat.
"Today, our total capital is at 1.7 million manat, and authorized capital at 5.5 million manat. We plan to increase the authorized capital up to 7.5 million manat. We are holding negotiations both with foreign and local investors in this regard," Babayev said.
Royal Sıgorta's board chairman expressed his confidence that the company will fulfill the requirement of the regulator within the set period.
Royal Sıgorta passed state registration on October 11, 2011.
On December 28, 2011 the State Insurance Supervision Service of Azerbaijani Finance Ministry issued a five-year license to Royal Sıgorta for insurance activities. Five individuals are the founders of this insurance company.
There are 26 insurance companies (excluding Royal Sıgorta and Gunay Sıgorta, the licenses of which have been suspended) and one reinsurance company in Azerbaijan.
Official exchange rate on March 27 is 0.7843 AZN / USD.
Translated by S.I.
Edited by C.N.