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Azerbaijan's Central Bank Pulls Plug On Baku Insurance Company's License
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 13. The Central Bank
of Azerbaijan (CBA) has revoked the license of Baku Insurance OJSC,
Trend reports
referring to the regulatory body.
"Under Article 107.1.1 of the Law of the Republic of Azerbaijan 'On Insurance Activities,' the Board of the Central Bank of Azerbaijan, in its decision on December 10, 2024, revoked the insurance license (No. 000251), originally issued on September 4, 2009, to Baku Insurance OJSC.
The current financial standing of Baku Insurance OJSC enables it to fully and promptly meet its obligations. The liquidation process of the company will be carried out under the supervision of Azerbaijani legislation," the CBA said.
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