Azerbaijan, Baku / Trend corr I. Khalilova / The Azerbaijani Finance Ministry has plans to extend the released statistical data beginning from the second half of 2007, the head of the Insurance Control Department at the Finance Ministry, Namig Khalilov, said on 4 June. The data on capital of insurance companies is to be extended in particular.
"So, we will help customers to make the right choice while selecting an insurance company. Statutory capital does not fully display the real state of affairs," Khalilov said. He believes that the major thing for insurance market is capitalization, as other factors do not have special importance when there is a lack of normal capitalization. If a company does not have enough capital it will not be able to develop and gain the trust of clients.
Capital, in the opinion of Khalilov, is the buffer which prevents an insurance company and its clients from possible bankruptcy. Enough capital enables a company to invest in improvement of the level of service. Practice shows that companies that have problems with capitalization find difficulty in paying insurance compensation. Low level of capitalization is threatened with sanctions (suspension or annulment of the license).
| February 2007 | Insurance Companies | Paid Statutory Capital, in AZN |
| 1 | International Insurance Company LLC | 8,800,000 |
| 2 | Standard Insurance LLC | 4,000,000 |
| 3 | MBASK closed joint-stock company | 3,750,988 |
| 4 | Khalg S?gorta LLC | 2,000,000 |
| 5 | Star Alyans closed joint-stock company | 1,960,800 |
| 6 | Azers?gorta State Insurance Commerce Company | 1,600,000 |
| 7 | Alfa S?gorta LLC | 1,500,000 |
| 8 | Azer-Asiya joint-stock company | 1,173,863 |
| 9 | A-Group closed joint-stock company | 1,010,000 |
| 10 | AzS?gorta LLC | 1,000,000 |
| 11 | Atas?gorta open joint-stock company | 1,000,000 |
| 12 | AIG Caspian Insurance Company LLC | 1,000,000 |
| 13 | PASHA S?gorta closed joint-stock company | 1,000,000 |
| 14 | Ateshgah closed joint-stock company | 900,000 |
| 15 | Azal-S?gorta joint-stock company | 800,000 |
| 16 | Fidan LLC | 740,000 |
| 17 | Bashak-Inam joint-stock reinsurance company | 734,195 |
| 18 | Absheron joint-stock company | 720,000 |
| 19 | BE | 710,000 |
| 20 | Era Trans LLC | 707,079 |
| 21 | Gunay-Anadolu S?gorta joint venture | 706,587 |
| 22 | Azergarant joint-stock company | 700,000 |
| 23 | Gorgud s?gorta LLC | 700,000 |
| 24 | CI company | 700,000 |
| 25 | Amrah company | 700,000 |
| 26 | Kavkaz S?gorta LLC | 700,000 |
| 27 | Nishan joint-stock company | 700,000 |
| 28 | Temz S?gorta Grupu closed joint-stock company | 700,000 |
| 29 | Tural S?gorta joint-stock company | 700,000 |
| Total | 41,413,511 |