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Â«AIG Caspian Insurance will become wholly foreign-owned company

Â«AIG Caspian Insurance will become wholly foreign-owned company

03 June 2009 16:00 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based American International Group Caspian Insurance Company (AIG Caspian), a US-Azeri Joint Venture, will achieve the status of wholly foreign-owned company by autumn, said Viladi Maniyev, Director General of the Company.

According to him, the company is owned by Caravan Investment (51%) and American International Group Inc. (49%).

â€œThis is contradictory to the new Insurance Law. Under Article 18.2.4, local legal entities canâ€™t be a shareholder of a subsidiary or affiliated company of a foreign company. The Ministry of Finance has given a six-month grace to move to a wholly-foreign-owned company,â€ he added.

Caravan Investment is local legal entity with foreign equity.

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