Baku, Azerbaijan, Feb. 27
By Azad Hasanli - Trend:
The ministry of finance of Azerbaijan has canceled the licenses of five insurance agents, issued for an indefinite period, said the report of the State Insurance Supervision Service under the Ministry of Finance, published on Feb. 26 on its website.
"By order of the minister of finance, the licenses of insurance agent Allahverdiev Dashgin, Hasanov Emil, Mammadov Azer, Khalafova Yegana and Aztrust Sigorta Agenti Ltd. has been revoked," said the message.
Since November 2014, licenses of 41 insurance agent - individual have been revoked.
Earlier, the head of Azerbaijan Insurers Association Orhan Bayramov said that a "black list" of insurance agents would be prepared in Azerbaijan.
The list is prepared in order to inform about unreliable insurance agents having large receivables to customers, providing false information and so on.
In order to take appropriate action down to the withdrawal of licenses in respect of unscrupulous agents, talks with the ministry of finance have been held.
In order to put an agent in the "black list" it will be needed to provide concrete evidence to support its unfair activities, according to Bayramov.
He also said that work is underway to create a similar list of unscrupulous customers of insurance companies in parallel with this.
As of February 2015, some 956 agents (including 60 legal entities and 896 individuals) and 19 insurance brokers (8 legal entities and 11 individuals) operated in Azerbaijan. As of today, there are 27 insurance and one reinsurance company operating in the country.
Edited by CN
Follow the author on Twitter: @AzadHasanli