Baku, Azerbaijan, Feb. 17
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) has issued a license for the activity of the International Bank of Azerbaijan (IBA) as an insurance agent, FIMSA said Feb. 17.
The license was issued on the basis of a decision of FIMSA Board of Directors on Feb. 15.
Earlier, a subsidiary of the IBA – International Insurance Company – operated in Azerbaijan’s insurance market. However, in October 2016, the IBA management decided to stop the activity of its insurance company due to low financial indicators.
The International Bank of Azerbaijan operates in Azerbaijan since 1992 and a major part of the bank’s shares belongs to the state.
Currently, 769 insurance agents (708 – individuals, 61 – legal entities) operate in Azerbaijan.