BAKU, Azerbaijan, September 6. The Central Bank of Azerbaijan has suspended the licenses of insurance agents issued to 13 individuals and one legal entity for three months, the bank told Trend.
According to the information, this decision was made on September 4 in accordance with the law "On insurance activity".
The licenses have been suspended due to the failure to submit a corresponding report.
In general, the volume of insurance premium in Azerbaijan increased by 34.2 percent and amounted to 346.9 million manat ($204.1 million) in the first quarter of 2023.
The volume of payment carried out by insurance companies increased by 67.1 percent and amounted to 102.3 million manat ($60.2 million) year-on-year.