Azerbaijan's CBA Restricts Azinsurance Company's License Based On Voluntary Application
Date
9/16/2022 9:14:07 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 16. 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.
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