Azerbaijan State Insurance Inspectorate Controls Several Companies

Business Materials 3 May 2007 20:28 (UTC +04:00)

Azerbaijan, Baku / Trend corr U. Ismaylova / Namig Khalilov, Head of the State Insurance Inspectorate at the Ministry of Finance, reported on 3 May that the Azerbaijan Finance Ministry had hold of controls in the Azal Sigorta insurance company and the International Insurance Company.

According to Khalilov, the controls are held once in 2-3 years in compliance with the Law on Insurance.

The Inspectorate holds the two following forms of control:

The analysis of each season and yearly accounting

Control of the entire system of a company

The process is believed to take around 30 days.

According to the data provided by the Ministry of Finance, in the first quarter of 2007 the insurance premiums of the Azal Sigorta have compromised AZN 12.02mln, with the International Insurance Company compromising AZN 1.93mln.