“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.
Charter Capital of the Company registered by the state with the charter capital in the amount of 125 000 USD, was amounted to 4 000 000 manats.
Pursuant to the article 4.4 of the Law of the Republic of Azerbaijan made on June 28, 2012 by State Insurance Supervision Service under the Ministry of Finance of the Azerbaijan Republic on the “Compulsory Insurance”, the “Azerbaijan Industry Insurance” OJSC was permitted to act on types of compulsory insurance. Thereby, the Company was admitted to a membership of Compulsory Insurance Bureau.
On December 12, 2012, the Company’s charter capital increased and was amounted to 8 160 000 manats.
75% of shares of “Azerbaijan Industry Insurance” OJSC which renders 29 voluntary, 4 compulsory, totally 33 types of insurance service, is owned by “Anadolu Investment Company” LLC, 25% by “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.
Subject to the Partnership agreement which has been signed between State Agency for Citizens' Service and Social Innovations under the President of the Republic of Azerbaijan (ASAN) and the Company since 2014, the sale of insurance products to individuals and legal entities is being provided by relevant agency.
According to the Law of the Azerbaijan Republic on “Insurance activity” by the Ministry of Taxes of the Republic of Azerbaijan, perpetual license was issued for insurance activity on April 02, 2012 and for reinsurance activity on June 28, 2014.
The authorized capital of company was raised to 11 000 000 azn due to the undistributed earnings of the past years and also the official name in English changed to “Azerbaijan Industrial Insurance ” OJSC on december 26, 2014
“Azerbaijan Industry Insurance” OJSC was awarded with two international prizes in 2016. “Best non-life insurance company - Azerbaijan 2016” by Global Brands Magazine ”Brand of Business Excellence-Azerbaijan 2016” by Finance Digest Magazine. “Azerbaijan Industry Insurance” OJSC was given the status “Clear Tax Partnership” by Ministry of Taxes of the Republic of Azerbaijan in 2017.