The license for insurance activity of the company Royal Sigorta has been canceled.
As stated in the State Insurance Supervision Service under the Ministry of Finance Republic of Azerbaijan, the decision was made "in connection with the fact that the company at a given time did not solve the shortcomings, which gave grounds for suspension of the license."
One day in late February, the Ministry of Finance issued an order to suspend the license of Royal Sigorta due to the fact that the equity of the company did not meet the requirements of the legislation. In accordance with the law, the company had 6 months to bring the equity to the required level, and that was done. But now it was finally decided to take the company from the register of insurers.
The insurance company Royal Sigorta, founded in December 2011, was part of the network of business organizations of Ali Jam, the owner of the bankrupt Royal Bank. Its shareholders are five individuals, including a cousin of the President, Ilgar Aliyev.--17D-
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