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CBA restricts Silk Way Insurance's license for insurance activities

Economy Materials 30 January 2023 12:57 (UTC +04:00)
CBA restricts Silk Way Insurance's license for insurance activities
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, January 30. The Central Bank of Azerbaijan (CBA) has limited the license of the Silk Way Insurance JSC on the compulsory civil liability insurance of vehicle owners, Trend reports via the CBA.

The restriction of Silk Way Insurance's license completely suspends its activities on the conclusion of new insurance contracts for compulsory civil liability insurance of vehicle owners, as well as the ability to extend existing contracts of this type of insurance.

The CBA informs that Silk Way Insurance plans to develop other types of insurance in accordance with its new business strategy.

"Silk Way Insurance collected 334,520 manat ($196,776) of insurance premiums for the compulsory civil liability insurance, which is only 0.3 percent of all insurance premiums for this type on the market," said the bank.

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