BAKU, Azerbaijan, Aug.15
Trend:
Azerbaijan Ravan Sıgorta insurance company applied to the Central Bank of Azerbaijan to withdraw its insurance activities license, Trend reports with reference to the Electronic Disclosure System of the Central Bank of Azerbaijan.
Meanwhile, currently, no negotiations are carried out on the transfer of the accumulative portfolio of the Ravan Sıgorta to Central Bank, the report said.
The issues on voluntary liquidation of the insurance company, appeal in Azerbaijani Central Bank for revocation of license, the establishment of liquidation committee and liquidation of its Ganja branch were discussed during a general meeting of shareholders on August 10.
Ravan Sıgorta operated under Double Insurance Company name from 1998 to 2004, under the Star Alliance Sıgorta name from 2004 to 2007, and under the current name - from 2007 till present.
The authorized capital of the company is 8.9 million manat ($5.2 million), with 49.1 percent of the company's shares owned by Nurgun Group, 42.36 percent - by Nurga Motors LLC, and 8.54 percent - by NBC Bank.
Ravan Sigorta's insurance premiums amounted to over 1 billion manat ($634,1 billion) in 1H2020 (a decrease of 16.5 percent compared to the same period last year), and insurance payments - to 235,000 manat ($138,235) (an increase of 36.6 percent).