License of Insurance Company Alfa Sigorta Canceled
The Financial Markets Control House (FMCH) of Azerbaijan has canceled the license of the Alfa Sigorta insurance company.
The FMCH Board of Directors took this decision due to the sharp deterioration in the financial condition, the loss of assets and capital, and the failure to fulfill obligations.
‘Special control regime has been applied in connection with the problems in the insurance company. This was due to the bankruptcy of Tekhnika Bank, which was the founder of Alfa Sigorta. In this regard, the insurance company was faced with a critical situation.
Due to the increase in the insurer's liabilities and to prevent the transmission of additional risks to the system, membership of Alfa Sigorta in the Compulsory Insurance Bureau has been suspended.
Attempts to improve the insurance company due to lack of sufficient reserves secured by liquid assets has not brought the desired results,’ FMCH stated. -----75D
-
- Social
- 27 August 2016 10:54
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review