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Bashak Inam insurance company increases authorized capital

11 November 2014 09:51 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. Shareholders of Bashak Inam Insurance Company have held extra-ordinary meeting.

Company told APA-Economics that they decided to increase authorized capital from AZN 6 mln to AZN 9 mln. So, the authorized capital will be increased to AZN 7 mln in 2014, AZN 8 mln in 2015 and AZN 9 mln in 2016.

According to requirement of the Finance Ministry, the minimum authorized capital should make AZN 5 mln: “On April 4, 2014, the Finance Ministry considered the authorized capital insufficient and demanded to increase it within six months. Taking all of these into account, we think that the decision passed by our shareholders will meet this demand”, chairman of Company’s Management Board Orkhan Hasanov.

Bashak Inam Insurance operates 26 insurance types. It collected AZN 4.1 mln premiums and paid AZN 1.8 mln. These figures made AZN 2.5 mln and AZN 1.1 mln during ten months of 2014.