15:23 - 7.05.2026
May 7, Fineko/abc.az. - (special news) - As you know, some time ago the Central Bank of Azerbaijan revoked the license of AtaSığorta. The revocation of the license from the company raised a number of questions. According to some experts, there were certain problems in the insurance sector, due to which individual companies could not withstand the load and ceased operations. To clarify the situation, we have sent a request to the CBA to get more accurate information.
In response to the request of ABC.AZ it was noted that one of the main tasks of the Central Bank as a supervisory authority in the insurance sector is to regulate the insurance market and monitor insurance activities. Verification of insurer's compliance with financial stability and solvency standards includes the control tools used by the Central Bank in realizing these tasks.
"The cancellation of the license of AtaSığorta OJSC occurred on the basis of a voluntary appeal from AtaSığorta, relating to unstable financial stability and the strategic decision of the insurer regarding future activities.
The liquidation of the company should be perceived not as consolidation of the insurance sector, but as a cleansing of the market from insurers with low capitalization and an insufficiently built risk management system.
In order to protect the rights of consumers of financial services who have concluded insurance contracts with the company, in accordance with the requirements of the legislation, on the basis of an agreement between insurance company Atəşgah and AtaSığorta, all existing insurance contracts of AtaSığorta were transferred to Atəşgah from April 10, 2026.
Thus, according to the transferred contracts, responsibility is distributed as follows: for insured events that occurred before April 10, 2026, AtaSığorta is responsible, and for cases after this date - Atəşgah is responsible.
The transfer of the insurance portfolio is considered as a measure aimed at reducing the financial obligations of AtaSığorta and protecting consumer rights. As already mentioned, the CBA constantly monitors the activities of professional participants in the insurance market in accordance with the requirements of the legislation.
As part of this control, both internal and external checks are analyzed, as well as consumer requests received by the Central Bank. This allows monitoring the quality of insurers' services, their market behavior and financial stability.
The main purpose of these measures is to increase consumer confidence in insurance, provide more reliable insurance services, and strengthen the financial stability of insurers.
Thanks to CBA’s recent reforms, transition to risk-based prudential supervision has accelerated in the insurance sector, and insurers have developed a more developed corporate governance system.
The measures taken are aimed at forming internal lines of defense for insurance companies, increasing their sensitivity to risks and ensuring more stable and stable financial performance," the CBA said.
By Elmir Muradov
