Azerbaijani-Turkish insurance company prepares to restore license for insurance activity
Baku, Azerbaijan, Nov.6
By Azad Hasanli - Trend:
The shareholders of the Basak-İnam Sigorta Sirketi insurance company will consider increasing the authorized capital of the company Nov. 7 in order to restore the license for insurance activity, which was temporarily suspended by the Ministry of Finance of Azerbaijan, the company CEO Orhan Hasanov told Trend Nov.6.
"Prior consent of shareholders to increase the capital by 3 million AZN has been received, and they will finally confirm their decision Nov. 7," said Hasanov. "This will make it possible to increase the company's share capital up to 9 million AZN, and to bring the total capital to 7 million AZN."
The official exchange rate on Nov. 6 is 0.7844 AZN / USD.
The State Insurance Supervision Service under the Ministry of Finance has suspended the license of Basak-İnam Sigorta Sirketi JSC insurance company November 4, 2014. The reason for such solution is the discrepancy of the aggregate capital to the minimum requirement of the regulator, which is 5 million AZN.
In accordance with the law, six months term is given for the elimination of defects.
Basak-İnam Sigorta Sirketi operates on the insurance market of the country since 1996 and provides 31 insurance services. In January-October 2014, insurance fees of the company amounted to 2.28 million AZN. During the same period the company made insurance payments in the amount of 907,030 AZN.
There are 27 insurance companies and one reinsurance company in Azerbaijan.