AZERBAIJAN: regulator restricts AzerSigorta's license

The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has restricted the license of the only state commercial insurer AzerSigorta, the regulator announced. Azerbaijan's Bureau of Compulsory Insurance (ISB) also restricted the insurer's access to its information system.

License restriction is effective from May 17 until the company eliminates revealed shortcomings in compulsory insurance of civil liability of vehicle owners (MTPL) in violation of the laws "On insurance activity" and "On compulsory insurance" when concluding contracts.

The insurer plans to renew the license in the near future and notes that there are no problems with the company.

AzerSigorta has been operating in Azerbaijan since 1991. In 2018, the company ranked 4th in the market in terms of GWP (AZN 43.39 million/EUR 22.29 million) and had a market share of almost 6%. In January-March 2019, the company's GWP reached AZN 31.7 million (~EUR 16.6 million).

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