Liquidation of International Insurance Company starts

Baku. 3 November. REPORT.AZ/ Commission for liquidation of International Insurance Company OJSC (IIC) started to work. Head of commission and general director of sole shareholder of the company International Bank of Azerbaijan (IBAR) Hisayat Sultanov told Report.

According to him, 5 representatives of IBAR in liquidation commission as well as 27 employees of IIC are engaged in execution of insurance obligations: “We file reports on insurance claims by customers and make payments. The company will follow its daily routine until completion of its obligations”.

H.Sultanov also noted that the company has obligations beside insurance: “Company was receiving some services while operating. But it hasn’t paid for some of them so far. I think IIC has sufficient assets to make insurance payments and to fulfill obligations to creditors”.

Head of commission didn't reveal total amount of the company’s commitments.

Notably, decision on termination of IIC’s operations was made in extraordinary meeting of IBAR shareholders held on October 12. The reason was financial underperformance of the company.

Notably, IIC was founded in 2002, its authorized stock capital is AZN 14.8 million. The company lost AZN 1.485 million in first half of the year which resulted in 10% drop of its assets.