Finance

Finance

One more insurance company closed in Azerbaijan

05 December 2011 07:48 (UTC +04:00)

The decision was made due to the failure of the company guidelines on insurance legislation, demands of the license. The license for insurance activities of the company was issued on August 14, 2008.

Note that, the State Insurance Supervision Service suspended the license of May 7 last year, claiming that the failure of regulations for the implementation of standards of solvency and financial stability of insurers. The license of the company was restored in August, 2010.

Note also that, Gunay Sigorta insurance company has been in operation since 1992. The company had previously worked in the form of a local entity with foreign capital. Thus, 51% of the authorized capital amounted to local capital, 49% - foreign. However, according to the amendments made to the authorized capital, the company became 100% local company. Currently, among the company’s shareholders are - GunayBank (34.62%) and two local physical persons (65.38%). The company renders service on 2 compulsory and 18 voluntary types of insurance.