Insurance Company Protests Azerbaijani Mortgage Fund’s Assessment
Azerbaijan, Baku / Trend corr U. Ismaylova / The BE
According to Murtuzayev, after an audit which had not revealed any problem, the company was issued a license for mortgage insurance by the Finance Ministry in February, 2007. He noted that a client of the company had failed to take out a policy on property insurance by BE
An employee of the bank said that the name of the company was not included in the list provided by the Azerbaijani Mortgage Fund (IMF).
AMF finances mortgage credits allotted by twenty-three authorized organizations.
AMF proved the fact that BE
Twenty-nine insurance companies are currently operating in Azerbaijan.
Murtuzayev said that the situation proves unfair competition in the market, as well as eagerness of large companies to oust the small- and middle-sized ones.
Murtuzayev also stated that the criteria that are used by the AMF while selecting companies for mortgage insurance were groundless.
The minimum statutory capital of Azerbaijani insurance companies makes up AZN 700,000, while maximum mortgage credit in Azerbaijan is AZN 50,000. "So, even the weakest insurance company in Azerbaijan is able to insure mortgage property," he said.