Bank Of Baku

Azerbaijan not granted termless license to one more insurer

Azerbaijan not granted termless license to one more insurer
# 10 September 2008 16:31 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Azerbaijan’s Ministry of Finance rejected application to grant a termless license to Absheron Insurance Company.
The ministry suspended the insurer’s license on September 2 due to discrepancies and faults in its activities.
In accordance with Article 58.1 of Insurance Law, the ministry refused to issue a termless license to the company.
Absheron Insurance Company has been in operation since 1993.
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