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Saakashvili dipped into his brother’s pockets2010-12-01 19:35
The pitcher goes often to the well but is broken at last. IRAO insurance company, which, according to certain data, belongs to the brother of Georgia's current president Mikheil Saakashvili, has been fined for half a million laris. It is so far unclear why National Bank that has been dealing with insurance companies since recently took such a tough decision. Experts are sure: the reason is the unexpected discordance between the members of the "family-feudal" clan of the Georgian leader.
Last year, IRAO International Insurance Company became leader in the volume of gross reward (fifty six million laris), having grasped 16 percent of the entire insurance market. The company managed to win due to medical insurance social programs sponsored by the state budget.
For instance, the company insured 584 Georgian citizens under the Easy Insurance program. Clients were offered medical insurance policies at the cost of five laris, of which a bit more than three laris were paid by the state. As a result, the residents of the capital and other regions of Georgia received a minimum insurance package including basic health service, emergency hospital service and medical assistance in case of an accident.
Since this November, insurers started offering a new project: vehicles insurance at the annual rate of five percent of the car's cost.
Simultaneously, IRAO sometimes displayed high activity in other directions besides insurance. At the beginning of September, the company representatives announced the start of construction of a hospital in Zestafoni planned to be completed by 2011.
IRAO, which is headed by one of the members of Saakashvili's clan, considered its leading position in the insurance market to be a well-deserved one, attributing its success to accurate planning and strong teamwork. Indeed, Mikheil Nikolozovitch enjoys working as a team and is very good at it: many a little makes a mickle, and a lari from each member makes another mansion for Saakashvili.
Being openly proud of its professionalism, IRAO is totally lacking stability. Its leadership sprang from the last-year sharp leap. Before that, the garland had been held by another insurer Aldagi BCI. Now, the new leader's position has drastically changed due to a similar leap, an unprecedented one, in a way: it has been the first large fine in the Georgian insurance market since National Bank took the company under "protection".