Azerbaijan Finance Ministry Eliminates facts on Illegal Rejection from payment on Insurance Cases

Business Materials 31 January 2007 18:42 (UTC +04:00)

The Insurance Control Department of the Azerbaijan Finance Ministry received totally 38 complaints on insurance payments from the victims as a result of insurance cases in 2006.

Trend reports quoting a message spread by the Finance Ministry, insurance companies rejected to conduct payments on 25 cases out of the total ones. However, after the Supervisory Agency interfered in the cases, the victims could receive insurance payments to the sum of 44 642, 52 AZN (5378,53 AZN).

In January-December 2006, during check up of the activity of the companies to meet with the corresponding conditions and requirements of the license, as well as the legislation, the Insurance Control Department of the Finance Ministry revealed that the insurers repudiated to conduct insurance payments on 9 other 9 facts. As a result, the insurers had to pay 7,130 AZN to the victims of insurance cases. On the whole, in the reporting period, the Insurance Control Department provided the payment of 51 772,53 AZN on different insurance cases.