Azeri insurer plans to stay in the market
British-Azerbaijani Temza Sıgorta Qrupu does not intend to withdraw from the insurance market, board chairman Samir Mustafayev told Trend news agency on Monday.
The company's capital is 1 million manats, while the minimal requirement became 4 million manats ($5.09 million) in early 2012. The company's license expired on February 12.
In accordance with the law "On insurance activity", which came into force in March 2008, insurance authorization today is issued for an indefinite period, whereas previously a period of five years was granted to companies. Companies can apply for a license with an indefinite term of validity after their current authorization expires.
"We have not yet contacted the State Insurance Supervision Service for a new license," Mustafayev said.
The shareholders have not yet agreed on increasing the capital to the required level, he added.
"Even if our license is suspended, we will have six months to take the necessary measures," Mustafayev said.
The British Glencarron Group Limited owns a 49 percent stake in the authorized capital of Temza Sigorta Qrupu. Temza Sigorta Qrupu has been operating in Azerbaijan's insurance market since 1996.
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