TODAY.AZ / Business

Azerbaijani Compulsory Insurance Bureau lifts restrictions on AzerInsurance

22 May 2019 [12:47] - TODAY.AZ

By Trend

The Azerbaijani Compulsory Insurance Bureau lifted restrictions on the AzerInsurance State Insurance Commercial Company’s access to its information system on May 21, 2019, Trend reports referring to the bureau.

According to the decision of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), AzerInsurance has been allowed to enter the information system of the Compulsory Insurance Bureau.

The Compulsory Insurance Bureau of Azerbaijan on May 17, 2019 restricted access of AzerInsurance State Insurance Commercial Company to its information system.

The bureau noted that the restriction of AzerInsurance's access to the information system is related to the restriction of the license for rendering the services on compulsory third party liability insurance of vehicles by FIMSA due to AzerInsurance's violation of the laws "On Insurance Activities" and "On Compulsory Insurance" while concluding the 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.

(1.7 AZN = 1 USD on May 21)


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