Bank Of Baku

Azerbaijan-based one more insurance company changes its legal status

Azerbaijan-based one more insurance company changes its legal status
# 19 June 2009 16:45 (UTC +04:00)
Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan International Insurance Company has changed its legal status to an open joint stock company, said Mahir Abdullayev, Insuerence Supervision Officer at the Ministry of Finance.

According to him, the company has already completed all the necessary procedures and submitted the final document to the Ministry.

He said the number insurance companies with the legal status of OJSC reached 27.

According to him, Azersigorta state insurance company is the only company with the status of CJSC in the country.

“The reason is that there is a state-owned stake and it needs completing some procedures. This company will also switch to OJSC,” he added.

Under the new Insurance Law, all insurance companies are required to switch their legal status to OJSC.

There are 28 insurance companies in Azerbaijan.
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