Azerbaijani Finance Ministry deprives insurance broker of license

The State Insurance Supervision Service under the Azerbaijani Finance Ministry has terminated the license for insurance activity, issued to AON Azeri Sıgorta ve Tekrar Sıgorta Broker Sirketi, the State Insurance Supervision Service said.

According to the report, the cause of license revocation was the fact that Azeri Sıgorta ve Tekrar Sıgorta Broker Sirketi (now Ltd. Serq-Qerb Sıgorta Brokeri) has not eliminated deficiencies. In November 2010 the State Insurance Supervision Service suspended the company’s license for six months.

And the license has been eliminated with the Azerbaijani Finance Ministry’s corresponding order dated May 24.

AON Azeri Sıgorta ve Tekrar Sıgorta Broker Sirketi passed the state registration in Azerbaijan in June 1998. The company renewed a license for an insurance broker activity in August 2008.

After termination of this company's license five broker companies (including four with the participation of foreign capital) operate in the country.


/Trend/