Three insurance companies halt ops in Azerbaijan
The Azerbaijani government has invalidated the licenses of three
insurance companies.
The Finance Ministry said Friday it had passed the decision to
cancel Gunay Sigorta, Azal Sigorta and Amrah Sigorta’s licenses due
to their failure to implement certain standards stipulated in the
insurance legislation.
In accordance with the Law on Insurance Activity, as of January 1,
2010 the insurance companies had to bring their gross capital to at
least 2 million manats ($2.5 million).
Following the halt in these companies’ operation, 24 companies are
still operating in the country’s insurance market.*
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