Başak Inam Sığorta liable for 260,000 AZN payment

Baku. 17 November. REPORT.AZ/ “Başak Inam Sığorta” OJSC’s liabilities on insurance contracts (insurance reserves) equal to 259 539 AZN. The license of the company was canceled by Financial Market Supervisory Authority (FIMSA) on October 6, 2017.

Report was informed in the FIMSA. 

The contracts are said to cover insurance of cars, property and loans. They expire at least in 2021.

“The company owns the assets in order to ensure all liabilities before the creditors. The decision on transferring its liabilities to another company was not made.”

The FIMSA declared that in accordance with law “On insurance activity” for forceful liquidation of insurer a petition with a court was filed. Once the decision is made, the FIMSA will present the list of members of Liquidation Commission to court within 30 working days.