Azerbaijani insurance company becomes AMF agent

Meqa Sıgorta insurance company has become an authorized agent of the Azerbaijan Mortgage Fund (AMF) under the Central Bank, the company said.

"By the fund’s decision dated from Feb.28, 2011 Meqa Sıgorta has become the 17th insurance company rendering insurance services for mortgage lending through the AMF," the company’s statement says.

Meqa Sıgorta began to operate under a new brand from October 1, 2010 and has a license to provide 29 insurance services, including four mandatory. The authorized capital is 3.5 million manat. Previously, the company was called BE & G Sigorta.

AMF was established as a PSE in September 2005 by the Azerbaijan President's decree. Its charter was approved by a separate presidential decree in December 2005. AMF's main purpose is to create funding mechanisms which provide home ownership to Azerbaijani citizens, through long-term financing, and to attract domestic and foreign investment into mortgage financing.

At present, the Mortgage Fund’s authorized agents are 22 banks, 17 insurance companies and 11 appraisal organizations.


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