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AIG Caspian Insurance is switching to OJSC in Azerbaijan

18 February 2009 14:57 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based American International Group Caspian Insurance Company (AIG Caspian), a US-Azeri Joint Venture, is changing its legal status to Open Joint-Stock Company (OJSC) from Limited Liability Company.
The company said the switch of the legal status is a requirement for insurance companies under the new Insurance Law.
Under the Insurance Law that came effective in March, 2008 all insurers based in the country shall switch to OJSC within one year.
The CJSCs and LLCs shall complete the transition by March 31, 2009. After the deadline expires, the companies not switching to OJSC will see their licenses limited and will be given a 6-month grace period. If a company fails to meet the requirement within the grace time, its license will be revoked
There are 28 insurance companies in Azerbaijan. Only three of them - MBASK, International Insurance Company and AIG Caspian Insurance have not completed transition to OJSC yet.