Azerbaijan's CBA restricts AzInsurance Company's license based on voluntary application

By Trend

The Central Bank of Azerbaijan (CBA) has limited the license of the AzInsurance Company OJSC on compulsory civil liability insurance of vehicle owners, Trend reports via CBA.

According to CBA, the license has been restricted based on the voluntary application in accordance with the Law of Azerbaijan "On Insurance activity".

In accordance with Articles 105.3 and 105.4 of the Law of Azerbaijan, the limited license of an insurer bans him from signing new insurance contracts for the relevant type of insurance, prohibits the extension of insurance contracts' validity, and requires insurance companies to fulfill obligations under previous insurance contracts, the license validity for which is limited, until the expiration of these agreements or their early termination following Article 919 of the Civil Code of the Republic of Azerbaijan.