10:34 - 14.08.2023

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The Central Bank of Azerbaijan (CBA), in accordance with the law "On Insurance Activities", on the basis of a voluntary appeal of A-Qrup Sığorta limited the validity of its license.

According to ABC.AZ, the reason for this was the cancellation of permits issued to the enterprise by the types of "compulsory insurance of civil liability of owners of motor vehicles", "compulsory insurance of real estate" and "compulsory insurance of civil liability for the operation of real estate".

According to the law, the restriction of the validity of the insurer's license prohibits him from concluding new insurance contracts for the corresponding type of insurance, as well as renewing existing insurance contracts for this type.

The insurer must fulfill obligations under previously concluded insurance contracts for the type of insurance, the license for which is limited, before the expiration of these contracts or before their early termination on the grounds provided for by the Civil Code.