Azerbaijan insurance company Alfa Sığorta loses right to engage in CTP
Azerbaijan, Baku, July 3 /Trend A.Akhundov/
The State Service for Insurance Supervision under the Ministry of Finance of Azerbaijan abolished work permits for compulsory insurance of liability of owners of motor vehicles (CTP), issued before to the insurance company Alfa Sığorta.
It is stated in the report of the State Service, released on Tuesday.
Permit is eliminated due to the numerous violations during the work on this type of compulsory insurance on July 3, the report said.
The company was included in the registry offices of compulsory insurance on January 23. Then, in addition to CTP, the company received permission to provide services for compulsory insurance of immovable property and liability insurance in the operation of real estate.
The founder of Alfa Sığorta is local Texnikabank, which bought 100 percent of the company in December 2006. Alfa Sığorta is licensed to provide 30 kinds of insurance services, including 6 compulsory and 24 voluntary types of insurance.