FIMSA revokes licenses of 2 insurance companies in Azerbaijan

By  Trend

Licenses of two insurance companies and 13 insurance agents have been revoked, and eight new licenses have been issued by the Board of the Financial Market Supervisory Authority of Azerbaijan (FIMSA), the FIMSA reported on Oct. 18.

The licenses of Ipak Yolu Sigorta OJSC and Sanaye Sigorta OJSC as well as five insurance agents have been withdrawn on a voluntary basis.

The licenses of eight other insurance agents were suspended for a period of three months (due to the insurance agents' failure to submit quarterly reports). Since the reasons that led to the suspension of these licenses were not eliminated, it was decided to revoke them.

At the same time, in accordance with the decision of the FIMSA, licenses were issued to eight insurance agents who have successfully passed certification.