The Compulsory Insurance Bureau of Azerbaijan paid compensations to approximately 1,000 creditors of Standard Insurance Company OJSC, which was declared bankrupt, Trend reports, referring to the bureau.
In accordance with the Azerbaijani legislation, the bureau has begun fulfilling its obligations under compulsory insurance contracts concluded with the insurance company, and within one day paid out about 800,000 manat ($470,500) to the creditors.
Reportedly, a preliminary assessment of the situation, together with the temporary administrator appointed by the Central Bank of Azerbaijan, who constantly keeps in the spotlight the protection of the rights of consumers of insurance products, laid the foundation for accelerated payments.
(1 USD = 1.7 manat on Sept.18).
Follow us on Twitter @AzerNewsAz