Licenses of 88 insurance intermediaries in Azerbaijan revoked
Baku, Azerbaijan, Sept. 23
By Azad Hasanli – Trend:
Azerbaijan’s Financial Market Supervisory Body has revoked licenses of 88 insurance intermediaries (two legal entities, 86 individuals), reads a message of the Supervisory Body.
In addition, licenses of 78 insurance agents have been suspended for three months because they didn’t provide quarterly reports to the Financial Market Supervisory Body.
The reason for revoking the license of one of the insurance intermediaries, the Lider Insurance Agency Ltd., was that the company created conditions for dissemination of information considered insurance secrecy, as well as dissemination of false information about a person who had to be appointed to a senior position in the insurance agency.
The Lider Insurance Agency Ltd. distorted and didn’t fully compile reports, violated Azerbaijan’s law when signing contracts regarding insurance secrecy, etc.