Azerbaijan's Compulsory Insurance Bureau compensating bankrupted insurer's creditors
BAKU, Azerbaijan, Dec. 4
By Zeyni Jafarov - Trend:
The Compulsory Insurance Bureau of Azerbaijan has paid compensation to approximately 3,400 creditors of the Standard Insurance OJSC, which was declared bankrupt, Trend reports with reference to the bureau.
According to the data, in accordance with the legislation, the bureau began to fulfill obligations under compulsory insurance contracts concluded with the insurance company, and within 55 working days from the date of liquidation of the insurance company, creditors were paid about 3.3 million manat ($1.94 million).
As reported, a preliminary assessment of the situation, together with the transitional administrator appointed by the Central Bank of Azerbaijan, which constantly focuses on the protection of the rights of consumers of insurance products, has laid the foundation for accelerated payments.
The bureau plans to meet the requirements of about 4,000 people in total, reads the statement.
By the decision of the Central Bank of Azerbaijan, the license of the Standard Insurance OJSC for insurance activities was revoked, and the court's decision on bankruptcy went into force on September 14, 2020.