Baku, Azerbaijan, May 17
By Kheyraddin Nasirzade – Trend:
Azerbaijan’s AzerInsurance State Insurance Commercial Company plans to renew the license for rendering the mandatory third party liability insurance of motor vehicles today, the company told Trend.
The insurance company also noted that the company does not experience any problems, and today’s decision regarding restrictions is a misunderstanding.
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, based on the violation of the laws "On Insurance" and "On Mandatory Insurance" by AzerInsurance in the process of the conclusion of 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.