Bank Of Baku

A-Group Insurance Company to change its legal status

A-Group Insurance Company to change its legal status
# 27 September 2008 09:49 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based A-Group Insurance Company will change its legal status to Open Joint Stock Company (OJSC in February, 2009, said Rashid Huseynov, the financial officer of the company.
He added the required documents have been submitted to the Insurance Control Department of the Ministry of Finance for approval.
“We will send the shareholders’ application to the Ministry of Taxes by January 15. After registration, we will submit the documents to the Ministry of Finance,” he added.
Under the new insurance law, all the insurers should operate as OJSC.
There are 28 insurance companies in Azerbaijan, 10 of which are LLC, 10 OJSC and 8 CJSC.
Established by two local individuals, A-Group Insurance Company has been in operation since 1995.
The company earned AZN 3.3 million in premiums and paid AZN 2.132 million for insurance claims during January-June.
The company provides 13 voluntary and 3 compulsory types of insurance services. The company’ authorized capital stood at AZN 1.55 million as at September 1.
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