Named the administrator of "Basak Inam Sigorta" OJSC license of which canceled last week by the Financial Market Supervisory Authority (FIMSA).
This is an employee of the Authority's Insurance Supervision Department, Agshin Alizade.
"Currently, liabilities of "Basak Inam Sigorta" are being assessed with participation of the administrator. It is not clear yet whether the commitments will be transferred to another insurance company. However, "Basak Inam Sigorta" has financial opportunities to fulfill the obligations. Its financial position is not bad compared with other closed insurance companies", "Basak Inam Sigorta" reported.
Notably, “Basak Inam Sigorta” was established in 1996. Its authorized stock capital is 7 mln AZN. Company’s shareholders are as follows: “Zaminbank” OJSC (currently under liquidation) - 24.24%, “Turanbank” OJSC - 7.14%, “Azer-Turk Bank” OJSC – 5%, “Groupama Sigorta” (Turkish company with French capital) - 14%, “Agrarkredit” CJSC NBCI - 0.34%, Sabina Akif Hasanova - 15.83%, Akif Akbar Karimov (Chairman of Board of Directors) – 15.21%, Orkhan Gara Hasanov (Chairman of Management Board) - 10.14%, 14 other individual investors - 8.09%.
“Basak Inam Sigorta” applied to the Financial Market Supervisory Authority (FIMSA) to leave the market early this year. According to the company's reports in 2017, the Authority has agreed for cancellation of its license, considering its aggregate capital lower than the statutory level. However, the final decision was adopted on October 6.
report.az