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AzSighorta due to pass a decision for capitalization

AzSighorta due to pass a decision for capitalization

10 February 2009 15:52 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based AzSighorta Insurance Company will soon pass a decision to double its authorized capital to AZN 4 million, said Khayal Mammadkhanli, Deputy Chairman of the Company.
According to him, the capitalization will be funded through profit earned in 2008.
â€œAs an internal procedure, the Management Board has approved a decision for the capital increase and the decision is subject to approval by the Board of Directors,â€ he added.
AzSighorta has been in operation since December, 2006.
AzSighorta provides 25 voluntary and 3 mandatory types of insurance.
The company earned AZN 10.066 million in premiums and paid AZN 2.328 million for insurance claims during 2008.
As of January 1, its authorized capital stood at AZN 2 million.

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