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Azerbaijan-based insurers pay AZN 245,000 on cases of baseless refusal

Azerbaijan-based insurers pay AZN 245,000 on cases of baseless refusal

12 March 2012 10:55 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. State Insurance Supervisory Service under the Ministry of Finance has provided AZN 245,000-payment on the cases of baseless refusal in 2011.

SISS says newly-established two insurance companies obtained 5-year licence, 4 insurance companies obtained licence due to expiration of licence period, 1 individual and 1 legal entity insurance broker, 11 legal entities and 1087 individuals were granted unlimited licence for insuring.

AZN 187,600 state duty was paid to state budget on the licences.

9 insurers and 3 brokers were monitored and consequently, licence of 1 insurer was abolished.

Note that, the insurance premiums in 2011 made AZN 213 mln, insurance payments â€“ AZN 62 mln.

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