Azerbaijan restricts license of local insurers for sale of OSAGO policies

By Trend

The Azerbaijan Compulsory Insurance Bureau has restricted the license of AzInsurance OJSC for the sale of OSAGO (Compulsory Civil Liability Insurance of Vehicle Owners) policies, Trend reports via the bureau.

According to the bureau, in connection with this, the registration of OSAGO by AzInsurance was terminated.

Previously, the Central Bank of Azerbaijan annulled the permission of AzInsurance company to sell OSAGO on the basis of a voluntary application in accordance with Article 105.1.1 of the law ‘On insurance activity’.

"Despite the fact that the OJSC has stopped issuing new OSAGO policies, the company undertook to fulfill obligations to its clients under previously concluded agreements," added the bureau.