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MBASK Insurance Company receives a termless license

MBASK Insurance Company receives a termless license

26 November 2008 07:32 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s Ministry of Finance has issued a termless license to MBASK Insurance Company.
Under the new Insurance Law, insurance companies are granted a termless license.
Prior to this, the Ministry of Finance granted termless licenses to AzerGarant, Kavkaz Sighorta, Amrah Sighorta and Gunay Anadolu.
MBASK Insurance has been in operation since 1992. MBASK is owned by EBRD (30%) and individuals. As of October 1, its authorized capital stood at AZN 2 million. At present it provides 29 types of insurance services. The company earned AZN 15.724 million in premiums during January-September.
The company said AZN 4.498 million went to insurance claims during this period.

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