Azerbaijan, Baku, September 4 / Trend U. Ismayilova /
Azerbaijani state insurance company AzerSigorta intends to bring the authorized capital up to 4 million manat by late 2009, chairman of the company Mammas Mammadov said on September 4.
"At present, the authorized capital of the company hits 3 million manat," Mammadov said.
He said that capital will be increased either 500,000 manat or 1 million manat depending on volume of profit. Capitalization of the company will occur due to these funds.
Insurance and re-insurance companies are free of profit taxation directed to capitalization in Azerbaijan from 2009. At present, rate of tax for profit hits 22 percent in Azerbaijan. But it wil reduce 20 percent from 2010. There are 28 insurance and 1 re-insurance companies in Azerbaijan.
State insurance company AzerSigorta was founded in 1992, after the collapse of the Soviet Union, on the basis of former state insurance board. It has 80 insurance agencies in all cities and regions of Azerbaijan. The company renders services on 10 obligatory and 27 voluntary types of insurance. The authorized capital of the company is 3 million manat.
As a result of activity in the first six months, AzerSigorta is the leader among all insurance companies in Azerbaijan with premiums of 5.56 million manat and payments of 1.95 million manat.
On September 4, the official exchange rate is 0,804 manat to $1.
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