Licenses of 3 Azerbaijani insurance companies revoked (UPDATE)
Details added (first version posted on 12:50)
Baku, Azerbaijan, Dec. 30
By Anvar Mammadov – Trend:
Azerbaijan’s Financial Market Supervisory Authority has revoked licenses of three insurance companies – the International Insurance Company, Azerqarant Insurance and Buta Insurance, the company said in a message Dec. 30.
Licenses of all the three companies have been cancelled upon their own requests, according to FIMSA. The shareholders of these companies have made decisions on the companies’ elimination.
Shareholders of Buta Insurance have decided to liquidate the company and give its active portfolio worth 1.84 million manats to Gunay Insurance company.
A similar decision has also been made with regard to the International Insurance Company [due to low financial indicators] in October, and Azerqarant Insurance – in November.
In January-October 2016, the International Insurance Company, Azerqarant Insurance and Buta Insurance collected premiums worth 3.92 million, 0.32 million and 0.59 million manats, respectively. During the period, payments of the International Insurance Company amounted to 3.41 million manats, Azerqarant Insurance – 987,890 manats and Buta Insurance – 1.2 million manats.
The official exchange rate is 1.7707 AZN/USD on Dec. 30.