AZERBAIJAN: International Insurance Company applied for compulsory insurance permission in Azerbaijan

13 August 2012 —
OJSC "International Insurance Company ( IIC) which got perpetual license from Finance Ministry of Azerbaijan  for insurance activities in the country on 13 July, has again applied to State Insurance Supervision Service under Finance Ministry of Azerbaijan.

The IIC has reported that on 20 July International Insurance Company applied to State Insurance Supervision Service for compulsory insurance license of 4 types regulated by Compulsory Insurance Bureau.

"" Besides the request itself, documentation on fulfillment of technical conditions for entering in the Compulsory Insurers Bureau was submitted to the Service- at least 10 regional offices and use of special software "",- the company noted.

Earlier Deputy Finance Minister of Azerbaijan Azer Bayramov curating insurance sector stated that only after renewal of the basic license one can consider the issue of compulsory insurance license for the IIC.

In accordance with the mandatory insurance requirements for the CIB members until 1 July 2012 the IIC opened offices in all 10 economic regions of Azerbaijan.

In parallel, the company acquired a special software used by the CIB members for mandatory insurance paperwork and communication with the Bureau's system.

Previously, the Service rejected the appeal, explaining the decision with desire to wait for Company's activity report for 2011. The IIC current overall capital is AZN 5.5 million, and this is sufficient for joining the Bureau.

The IIC is owned by OJSC International Bank of Azerbaijan, the leading bank of the South Caucasus.

Read the full story on www.abc.az

AZERBAIJAN: International Insurance Company applied for compulsory insurance permission in Azerbaijan
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