AZERBAIJAN: ROYAL Sigorta's license was revoked

15 September 2014 —
Azerbaijan's Finance Ministry revoked the license of the insurer ROYAL Sigorta, as the company failed to increase its share capital value according to the current legislation requirements in the six months time frame granted by the State Insurance Supervision Service of Azerbaijan after suspending its license in February.

The minimum total capital of insurance companies, working in the non-life insurance sector, is set at AZN 5 million. The insurance company's license was suspended earlier by the Finance Ministry's decision dated February 24, 2014 for the lack of AZN 2 million in the total capital in accordance with the minimum requirement.

The State Service for Insurance Supervision granted ROYAL Sigorta on December 28, 2011 with a five-year license to conduct the insurance activities.

Following the revocation of ROYAL Sigorta's license, on the insurance market remain 27 insurance and a reinsurance company.

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