License of Era-Trans Denied

The activities of another insurance company have got suspended.

According to the information on the site of the State Insurance Supervision Service, by the order of the Finance Minister dated 25 November, the company Era-Trans was suspended. In early November, the Azerbaijani-Turkish company Bashak Inam Sigorta faced the same fate.

The licenses of both market participants were reportedly revoked in view of the inconsistency of its capital to the minimum requirements for the total capital of insurers, as well as other violations in the activity.

At the local insurance market there remain 26 companies, not counting the only “pure” reinsurance company. --17D-

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