Finance ministry cancels another insurance company` s license

Business Materials 18 April 2006 20:45 (UTC +04:00)

The Finance ministry has cancelled an insurance license of a local insurance company- Kawkaz Siqorta, the head of the insurance control department of the chief division at the ministry, Beybala Khankishiyev told Trend.

The reason for cancellation was expiration of the license agreement on April 12. In spite of admonition from the state body the company did not extend the license for another 5 year term. It did not have the problems with founding capital; though it did have violations in its activity, therefore, ministry in any case had claims to it.

In any case the company had to work during this year in order to fulfill its duties on the last insurance agreements.

Kawkaz sigorta was founded 5 years ago.

Thus, the local insurance market has lost another company and now there are 27 of them, 6 of them are joint.