Description

“Azerbaijan Industry Insurance” OJSC was established by changing the organizational and legal form of “CI Insurance” LLC founded on December 17, 1996 under the Ministry of Justice of the Republic of Azerbaijan and is legal heir.

According to the relevant statement at the end of 2008, the Company changed its organizational-legal form into Open Joint Stock Company.

The charter capital of the Company, which has been registered by the state with the charter capital of US $ 125,000, has been increased to  4,000,000 AZN on 24 May 2010.

Operating on compulsory types of insurance was permitted to the  "Azerbaijan Industrial Insurance" OJSC according to the Article 4.4 of the Law of the Republic of Azerbaijan "On Compulsory Insurance"  by  the State Insurance Supervision Service of the Ministry of Finance of the Republic of Azerbaijan on 28 june, 2012. Thereby, the Company was admitted to a membership of Compulsory Insurance Bureau.

On December 12, 2012, the Company’s charter capital increased and reached 8 160 000 AZN.

Being 29 voluntary and 4 compulsory, Azerbaijan Industrial Insurance OJSC, which owns 33 types of insurance, owns 75% of shares Anadolu Investment Company LLC and 25% belongs to Azerbaijan Industry Bank OJSC.

Currently, the Company is providing a service to the customers in a wide scope with nearly 30 representations and sales centers.

In accordance with the Law of the Republic of Azerbaijan "On Insurance Activity", the Ministry of Finance of the Republic of Azerbaijan provided unlimited licence for an insurance activity on April 2, 2012 reinsurance activity on 28 February 2014.

On December 26, 2014 the authorized capital of the Company was increased to 11,000,000 AZN due to the expense of the undistributed profits of many years, and the full name of the company was changed into "Azerbaijan Industrial Insurance" OJSC.

Azerbaijan Industrial Insurance OJSC has been awarded two international awards in 2016 by Global Brands Magazine as "Best non-life insurance company-Azerbaijan 2016" and Finance Digest Magazine "Brand of Business Excellence-Azerbaijan 2016".

Azerbaijan Industrial Insurance OJSC acquires "Transparent Tax Partnership Status" by the Ministry of Taxes of the Republic of Azerbaijan in February 2017.