(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 19. 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.
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