AZERBAIJAN: a license issued to the United Agricultural Insurance Company

20 October 2020 — Marina MAGNAVAL
The United Agricultural Insurance Company received a license to carry out insurance activities. The license was issued by the Central Bank of Azerbaijan, as Trend said with reference to the Azerbaijani Agricultural Insurance Fund.

The United Agricultural Insurance company has been registered by the State Tax Service under the Azerbaijani Ministry of Economy. The parent companies will act as insurance intermediary companies in the agroinsurance system - the 7 companies are: PASHA Sigorta, Qala Sigorta, Meqa Sigorta, Xalq Sigorta, AzSigorta, Baki Sigorta and Azerbaycan Senaye Sigorta.

The minimum charter capital by the decision of the Central Bank was set at AZN 1 million, but the company has the right to establish the charter capital at a bigger amount to ensure financial stability. Thus, the company's charter capital is AZN 2.2 million (~EUR 1 million*).

* at the following exchange rate:
1 EUR = 2.0382 AZN (September 1st, 2020), for the moment of the company registration

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