Baku, Azerbaijan, March 11
By Kheyraddin Nasirzade - Trend:
Financial Market Supervisory Authority of Azerbaijan (FIMSA) has limited the license of the insurance company AXA MBASK, Trend reports with reference to the financial regulator.
In particular, AXA MBASK won’t be able to provide services on compulsory insurance of civil liability of motor vehicle owners.
The regulator made such a decision because the insurance company violated the “Law on Insurance Activity” when concluding contracts on compulsory insurance of civil liability of motor vehicle owners.
The decision will be valid until the company eliminates shortcomings in its work.
MBASK Insurance Company has been operating since 1992. It is one of the first private insurance companies in Azerbaijan.
In 2010, one of the largest insurance companies in the world - AXA Group acquired a controlling stake (51 percent) of MBASK insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain). AXA Group owns 100 percent of AXA MBASK's shares.