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Central Bank of Azerbaijan unlicenses Nakhchivansigorta

Economy Materials 8 December 2023 13:40 (UTC +04:00)
Central Bank of Azerbaijan unlicenses Nakhchivansigorta
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, December 8. The Central Bank of the Republic of Azerbaijan (CBA) has canceled the license of Nakhcıvansıgorta OJSC on the voluntary application, Trend reports.

The Central Bank of Azerbaijan (CBA) has annulled the license of Naxçıvansığorta OJSC on the voluntary application.

According to Article 107.1.1 of the Law of the Republic of Azerbaijan "About Insurance Activity," license No. SF-0004 issued to "Naxçvansorta" OJSC for insurance activity on May 13, 2022, was canceled by a decision of the Board of the Central Bank of the Republic of Azerbaijan dated December 06, 2023, by Article 107.1.1 of the Law of the Republic of Azerbaijan "About Insurance Activity."

"The current financial indicators of Naxçvansorta OJSC enable the company to meet its obligations in full and on time. The liquidation of the company will be controlled within the framework of Azerbaijani legislation," the CBA stated in its report.

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