Azerbaijan, Baku, July 4 / Trend A.Akhundov /
Azerbaijani insurance company Alfa Sigorta will continue to fulfil its obligations on policies of the compulsory insurance of liability of owners of motor vehicles, despite the recent decision to eliminate the right of the company to work on this type, the head of the State Insurance Supervision Service under the Azerbaijani Finance Ministry, Namig Khalilov, told reporters on Wednesday.
"Guaranteed deposits on this type (200,000 manat, deposited by the company to the Bureau on compulsory insurance), will not be returned because the company has retained obligations under the contracts," Khalilov said.
He said the company may apply for restoration of permission only after six months. "If the violations are resolved, permission can be restored," Khalilov said.
At the same time, he said the company will continue to work on compulsory insurance of real estate and related liability.
Permission was revoked on July 3 due to numerous violations during the work on this type of compulsory insurance, the report said.
The company was included in the registry offices of compulsory insurance on January 23. Then, in addition to compulsory insurance of liability of car owners, 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 Sıgorta is local Texnikabank, which bought 100 per cent of the company in December 2006. Alfa Sıgorta is licensed to provide 30 kinds of insurance services, including six compulsory and 24 voluntary types of insurance.