Insurers Pay 355,000 Manats, Following Intervention of Ministry of Finance

The disbanded State Insurance Supervision Service of the Ministry of Finance of Azerbaijan has published the latest results of an independent report on the year.

Last year, cases of evasion of payment by insurers were identified on the cases proved in the amount of 355,000 manats. After examining the complaint the companies had to pay the costs in full.

In addition, checks were carried out of 1 reinsurance company, 1 broker company and 9 insurance companies. The identified deficiencies led to fines in the total amount of 3.7 million AZN.

Last year, the Ministry of Finance represented by the state service issued perpetual licenses of insurance agents to three legal entities and 84 individuals.

Recall, according to the presidential decree, the service functions have been assigned to the Financial Market Control House. --17D-

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