Azerbaijan's state insurance company reorganized

President of the Republic of Azerbaijan Ilham Aliyev has signed a decree outlining the reorganization of the State Insurance Company into Azərsığorta OJSC.

This decree, issued in accordance with Presidential Order No. 2907 of September 22, 2021, which mandated the transfer of Azer-Turk Bank OJSC and the State Insurance Commercial Company to the management of Azerbaijan Investment Holding, aims to address several key issues.

The State Insurance Commercial Company of Azerbaijan is officially reorganized into Azərsığorta OJSC (hereinafter referred to as the "Society"). The Society is established as a commercial legal entity operating within the framework of the "Law of the Republic of Azerbaijan on Insurance Activities," according to the decree.

A three-member Board of Directors, including a Chairman, is established to oversee the overall management and control of the Society's operations. The Board of Directors shall exercise the powers outlined in Articles 26.1.4–26.1.6 and 29.1 of the "Law of the Republic of Azerbaijan on Insurance Activities."