11:38 - 12.07.2023

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July 12, Fineko/abc.az. The Central Bank of Azerbaijan has suspended the licenses of an insurance broker issued to eight individuals and an insurance agent issued to 155 individuals and 21 legal entities for 3 months.

ABC.AZ reports with reference to the CBA that the decision was made on July 6 in accordance with the Law on Insurance Activity.

Licenses have been suspended due to late submission of quarterly reports.

Under the Law on Insurance Activity, insurance mediators are required to submit a report to the CBA within 20 days after the end of the quarter. Brokers whose licenses were suspended did not submit a report for Q1 of 2023 to the organization. Under law, the license of an insurance broker in this case may be suspended for up to 6 months.