Baku, Azerbaijan, March 28
By Abbas Akhundov - Trend:
The Azerbaijani Gunay Sigorta insurance company hopes to renew its licence this April. It had been suspended at the end of February 2014, the company told Trend.
In order to renew the licence, it is necessary to bring the company's aggregate capital up to the minimum requirements of the Finance Ministry within six months, according to the legislation. The minimum amount of the aggregate capital of insurers operating the non-life type of cover as determined in Azerbaijan is at the level of five million manat.
Today the aggregate capital of Gunay Sigorta stood at 2.6 million manat and authorised capital at 4.2 million manat, according to the company.
At the present time, the placement of the company's shares is being conducted on the Baku Stock Exchange to the sum of 2.2 million manat. Upon completion of this process, the authorised capital of the company will reach 6.4 million manat and the aggregate capital to 5.5 million manat, the company said.
The sole shareholder of Gunay Sigorta which has been operating since 1992 is Azerbaijan's joint-stock bank Gunay Bank.
There are 26 insurance companies, excluding Royal Sıgorta and Gunay Sıgorta, whose licenses have been suspended and one reinsurance company in Azerbaijan.
Official exchange rate on March 28 is 0.7843 AZN / USD.
Translated by S.I.
Edited by S.M.