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Pasha Insurance switches to OJSC in Azerbaijan

03 March 2009 13:32 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Pasha Insurance has changed its legal status to Open Joint-Stock Company (OJSC) from Closed Joint Stock Company (CJSC).
The switch of the legal status is a requirement for insurance companies under the new Insurance Law, said the companyâ€™s CEO Nofal Rzayev.
Mirjamal Pashayev was appointed as Chairman of the Board of Directors and Nofal Rzayev became Chairman of the Management Board due to the change of the status.
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.