Compulsory Insurance Bureau of Azerbaijan imposes restrictions on AzerInsurance

By  Trend

The Compulsory Insurance Bureau of Azerbaijan (ISB) on May 17, 2019 restricted access of AzerInsurance State Insurance Commercial Company to its information system, Trend reports referring to the Bureau.

The bureau noted that the restriction of AzerInsurance's access to the information system is related to the restriction of the license for the provision of compulsory third party liability insurance of vehicles by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) due to AzerInsurance's violation of the laws "On Insurance Activities" and "On Compulsory Insurance" at the conclusion of 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.