Baku, Azerbaijan, Dec. 20
By Taleh Mursagulov - Trend:
The reinsurance license of Azerbaijan’s insurance company AtaInsurance has been suspended, Trend reports with reference to the Financial Market Supervisory Authority of Azerbaijan (FIMSA).
The financial regulator said in a message that due to the non-compliance of the total capital of AtaInsurance with the minimum requirements, the FIMSA Board of Directors decided to suspend the license of the insurance company for five months on Dec. 17.
AtaInsurance has been carrying out insurance activities in Azerbaijan since 2004 and is a member of AtaHolding LLC. The company provides services on 4 compulsory and 26 voluntary types of insurance.
As of late August, the company’s assets amounted to over 30 million manats, and the authorized capital was 14.6 million manats.
The company’s premiums for January-October 2018 amounted to 18.15 million manats with payments worth 8.16 million manats, according to FIMSA.
(1 USD = 1.7 AZN on Dec. 20)
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