Unlicensed insurance company operates at Azerbaijani bank's head office

Baku. 26 January. REPORT.AZ/ Unlicensed insurance company operates at the head office of Azerbaijan's only regional bank - “Naxçıvanbank” OJSC.

It was revealed as a result of investigation by Report News Agency. This is "Naxçıvansığorta" OJSC.

According to the Ministry of Taxes, the company was founded in 2014. Its authorized capital amounts to 5.5 mln AZN, registered address is Jalil Mammadguluzade Street 7, Nakhchivan city. “Naxçıvanbank” registered at this address. However, this is not the only factor linking the two financial institutions. Isa Isayev, who leads the insurance company's Managerial Board (MB) is also Deputy Chairman of the bank's MB.

“Naxçıvanbank” branches state that insurance service for the loan agreements are provided by the “Naxçıvansığorta”. Interestingly, “Naxçıvansığorta” is not included in the list of insurance companies operating under license. The Financial Markets Supervision Chamber hasn't issued a license to the company.

Commenting on the issue, Adviser to the Chairman of the Chamber's Board of Directors Rufat Abbasov said that the investigation is underway and results will be announced soon.