Baku, Azerbaijan, Aug. 19
By Anvar Mammadov – Trend:
Azerbaijan’s insurance company Bashak Inam, in the order of priority, will be able to return its funds placed in the Zaminbank OJSC, which is in the process of liquidation, the company told Trend.
“As you know, a part of our funds, in the amount of 1.7 million manats, were placed in Zaminbank, which is currently in the process of liquidation. We intend to return our funds, but we will be able to receive them only in the order of priority, since after the revocation of its license the bank was declared bankrupt and couldn’t pay our money,” said the company.
It should be noted that as of August 7, the Azerbaijan Deposit Insurance Fund (ADIF) paid about 72.2 million manats to the insured depositors of the bank. This means that ADIF, which is the first in line of the creditors list, will have to receive this amount, after which it will begin paying off the liabilities to other creditors.
It should be recalled that Bashak Inam is also preparing for voluntary liquidation. In February 2017, the shareholders of the company appealed to the Financial Market Supervisory Authority (FIMSA) regarding its liquidation, and FIMSA responded positively to this request.
Currently, Bashak Inam expects the approval of a plan for voluntary liquidation from FIMSA.
According to FIMSA, Bashak Inam collected insurance premiums in the amount of 20,500 manats, while payment of claims totaled 44,490 manats in 1H17. It should be noted that the collection of insurance premiums was carried out by the company only in January and February 2017.
Currently, 22 insurance companies (including Bashak Inam) operate in Azerbaijan.