Azerbaijani insurance company seeks to obtain reinsurance license
Baku, Azerbaijan, May 8
By Emin Aliyev - Trend:
Azerbaijani JSC International Insurance Company plans to apply for a license to perform reinsurance activity, according to a message from the company.
"The company plans to formally appeal to Azerbaijani Finance Ministry's State Insurance Supervision Service this week to obtain a separate license to perform reinsurance activity, as the company's capitalization and other indicators are more than sufficient for obtaining the license," the company said.
Starting from this year, Azerbaijan has completely separated insurance activities from the reinsurance ones, and the insurance companies need to get additional special license to retain the right to perform reinsurance activity.
Azerbaijani JSC International Insurance Company's intention to obtain a license for the reinsurance activity is due to the completion of the process of increasing the authorized capital.
"As a result, the company's authorized capital has officially grown from this day on from 8.8 million manats to 14.8 million manats. We are grateful to the staff of the State Committee for Securities (SCS) for quickly performing all operations on the registration of the shares emission," the company's message said.
Azerbaijani JSC International Insurance Company (Beynalxalq sıgorta sirketi) was established in 2002.
The official exchange rate on May 8 is 0.7844 AZN/USD.
Translated by E.A.
Edited by S.I.