Baku, Azerbaijan, Oct. 6
By Azad Hasanli – Trend:
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) said Oct. 6 that it revoked the license of the Bashak-Inam Insurance OJSC.
The FIMSA Board of Directors made such a decision because the aggregate capital of the Bashak-Inam Insurance OJSC decreased in 2017 to a level below the regulatory requirements.
An interim administrator has been appointed in the insurance company.
Shareholders of Bashak-Inam Insurance appealed to FIMSA in February for the company’s liquidation and the regulator gave a positive response.
Bashak-Inam Insurance OJSC was created in 1994. Azer Turk Bank, Turanbank, Groupama and several individuals, including chairman of the insurance company’s Management Board, Orkhan Hasanov, and chairman of the Board of Directors, Akif Karimov, are shareholders of the company.
Currently, 21 insurance companies operate in Azerbaijan.