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Central Bank of Azerbaijan suspends licenses of insurance agents

Economy Materials 11 December 2023 20:09 (UTC +04:00)
Central Bank of Azerbaijan suspends licenses of insurance agents
Ingilab Mammadov
Ingilab Mammadov
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BAKU, Azerbaijan, December 11. The Central Bank of Azerbaijan (CBA) has suspended insurance licenses issued to 20 individuals for 3 months, Trend reports.

According to the CBA, this decision was made on December 6 in compliance with the Insurance Activity Law.

Licenses were revoked owing to a lack of relevant reports.

The Central Bank's major purpose is to maintain price stability within the limits prescribed by law.

Without prejudice to the fundamental purpose, the Central Bank preserves financial stability within the scope of its assigned authorities under financial market rules.

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