Azerbaijan’s state insurance supervision service verifies 8 insurance companies in 2013
Baku, Azerbaijan, March 11
By Abbas Akhundov - Trend:
The State Insurance Supervision Service under the Ministry of Finance of Azerbaijan conducted on-site inspections into eight insurance and two brokerage companies and upon the results applied a 4150 manat penalties in 2013, a government report presented to the Azerbaijani Parliament said.
Some 28 insurance, one reinsurance and six brokerage companies, five of them foreign, were operating in Azerbaijan by the end of 2013, the report said. Later the state service
suspended the licences of two insurance companies namely the Royal Sigorta and Gunay Sigorta. The reason for the decision taken by the Ministry of Finance of Feb.24, 2014, stated that there was a discrepancy in the total capital of these companies' against the regulator's minimum requirements.
The licences of three insurance companies and the only reinsurance company were renewed and two individuals and one new company were issued licences for brokering. Furthermore, 10 legal entities and 151 individuals were issued agency licences in 2013.
Some 130,200 manat of state duties have been paid to the state budget on the issued licences.
As reported earlier, the number of complaints received by the State Insurance Supervision Service under the Azerbaijani Ministry of Finance against the actions of insurance companies more than doubled in 2013. The majority of the complaints are related to an unreasonable refusal to pay, incorrect assessment of the damage and the long process of issuing refunds.
The State Insurance Supervision Service found the refusal of insurance companies to pay in total out 699,000 manat as being unreasonable in 2013, compared to 462,000 manat in 2012.
Official exchange rate on March 11 is 0,7844 AZN / USD.
Translated by S.I.
Edited by S.M.