Major Uzbek insurance company reveals reason for license suspension
Baku, Azerbaijan, July 11
By Fikret Dolukhanov – Trend:
The license of the Uzbek insurance company Kapital Sug'urta was suspended due to the incomplete formation of the company's charter capital, the insurance company said in a statement.
The company noted that it is actively negotiating with a major investor for investing in the company by selling an additional share issue.
The company has the opportunity to increase the authorized capital from internal resources as well by capitalizing the retained earnings in the amount of 7 billion soums, shown in the company's financial statements in 2017 and bringing the company's charter capital to 18 billion soums, whereas the required sum is 15 billion soums.
The Ministry of Finance of Uzbekistan earlier stated that the license of the Uzbek insurance company Kapital Sug’urta has been suspended.
The corresponding decision was made by the Ministry of Finance in the part of compulsory insurance. The license series SF No.00208, issued to Kapital Sug’urta on December 30, 2015, will be renewed on July 13.
There are about 30 insurance companies operating in Uzbekistan. The 10 biggest insurance companies of the country hold 76.4 percent of the market. Kapital Sug'urta JSC is the 10th largest insurance company of the country by the size of insurance payments (6,349.6 million soums).
(7813.42 soums = $1 on July 11)
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