Bank Of Baku

Azerbaijan Ministry of Finance: Azer-Asia Insurance Company’s license revoked

Azerbaijan Ministry of Finance: Azer-Asia Insurance Company’s license revoked
# 24 June 2009 14:36 (UTC +04:00)
Baku. Elnur Huseynguluyev - APA-Economics. Azer-Asia Insurance Company has no operation in Azerbaijan’s insurance market because its license was revoked a year ago, said Namig Khalilov, State Insurance Supervision Officer at the Ministry of Finance.

According to him, the Ministry of Finance refused to renew Azer-Asia’s license, and the company was abolished in accordance with the law.

Azer-Asia Insurance Company is a co-owned joint venture between Azerbaijani and Iranian shareholders.

Azerbaijani Ministry of Finance refused to extend Azer-Asia’s expiring license on February 11, 2008. The main reason for the suspension of the license was that the company failed to operate under the law and terms of license.

Azer-Asia Insurance Company was owned by Iran’s Asia Insurance Co. (49%) and Azerbaijan’s AzerSighorta State Insurance Company (51%). The company’s share capital was AZN 800 000.
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