AZERBAIJAN: recent restrictions on Ateshgah Insurance Company removed

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) removed recent restrictions on the license of Ateshgah for compulsory civil liability insurance for vehicle owners and allowed the company to conclude such contracts, Trend News Agency reported on April 30.

Earlier, on April 12, the financial regulator limited the license of Ateshgah, as well as of AtaSigorta, prohibiting both companies from providing services for compulsory civil liability insurance of vehicle owners due to violation of the law "On insurance activity" when concluding contracts. The decision was valid until both companies eliminated the revealed shortcomings in their work.

According to the Deputy Chairman of Ateshgah's Board, Fuad ISMAILOV "during a certain period, mistakes were made when inputting relevant data into the system of the Bureau of Compulsory Insurance. This also includes technical errors. It takes some time to eliminate those shortcomings, since examination of the revealed violations and correction, as well as making necessary corrections in the system of compulsory insurance means a huge amount of work. Even though the mistakes and errors were only related to 3-4 cases, a thorough investigation was needed, making us late to respond to the FIMSA because of a few data input errors in the system of compulsory insurance. That is why the FIMSA applied this restriction. We created a special work group in close cooperation with the Bureau of Compulsory Insurance to solve those issues. We believe that technical problems will be eliminated in the shortest possible time", he explained regarding the regulator's decision.

Ateshgah Insurance Company has been operating in Azerbaijan since 1996. In 2018, the insurer ranked 5th in the TOP-5 in terms of GWP out of 21 insurance companies on the Azeri market.



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