Azerbaijan’s Financial Market Supervisory Authority restricts company’s license (UPDATE)

Finance Materials 17 May 2019 12:42 (UTC +04:00)

Details added (first version posted on 11:52)

Baku, Azerbaijan, May 17


The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has restricted the license of AzerInsurance State Insurance Commercial Company to render the mandatory third party liability insurance of motor vehicles, Trend reports referring to FIMSA on May 17.

FIMSA made the decision based on the fact that AzerInsurance violated the laws "On Insurance" and "On Mandatory Insurance", while concluding contracts.

AzerInsurance has been operating in Azerbaijan since 1991. In January-March 2019, the company's fees amounted to 31.7 million manats, payments - 2.95 million manats.

The restriction enters into force on May 17 and will remain in effect until the deficiencies are corrected.

(1.7 AZN = 1 USD on May 17)