Azerbaijan's financial regulator limits licenses of 2 insurance companies

13 April 2019 10:06 (UTC+04:00)

By  Trend

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has limited the license of AtaInsurance and Ateshgah Insurance companies, Trend reports referring to the financial regulator.

In particular, both insurance companies will no longer be able to provide services for compulsory insurance of civil liability of vehicle owners.

The decision was made by the regulator due to the insurance companies having violated the law On Insurance Activity when concluding contracts on compulsory third party liability insurance.

The decision will be valid until the companies eliminate shortcomings in their work.

FIMSA also limited the license of the SINKO Qrup Azerbaycan insurance and reinsurance broker for 3 months and restored the license of the insurance and reinsurance broker Societe de Courtage.

AtaInsurance has been operating since 2004, and Ateshgah since 1996.


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