Azerbaijani State insurance commercial company will be reorganized - Decree

Azerbaijani President Ilham Aliyev signed a decree on organizing the activities of Az?rs??orta OJSC.

In accordance with the decree, in connection with the implementation of the Order of the President of Azerbaijan No. 2907 dated September 22, 2021 "On the transfer of Azer-Turk Bank OJSC and the State Insurance Commercial Company to the management of the Azerbaijan Investment Holding" and the settlement of a number of issues arising from this, it is decided:

1. Reorganize the state insurance commercial company of Azerbaijan by reorganizing it into Az?rs??orta OJSC (hereinafter referred to as the society).

2. Determine that:

2.1. The Company is a commercial legal entity carrying out insurance activities in the manner prescribed by the Law of the Republic of Azerbaijan "On Insurance Activities";

2.2. To carry out general management and control over the activities of the company, a Board of Directors is created, consisting of three members, including the chairman;

2.3. The board of directors of the company exercises the powers stipulated by Articles 26.1.4–26.1.6 and 29.1 of the Law of the Republic of Azerbaijan "On Insurance Activities".

The full text of the decree can be found here.

Will be updated