The Financial Markets Control House (FMCH) of Azerbaijan has canceled the license of the Alfa Sigorta insurance company.
The FMCH Board of Directors took this decision due to the sharp deterioration in the financial condition, the loss of assets and capital, and the failure to fulfill obligations.
‘Special control regime has been applied in connection with the problems in the insurance company. This was due to the bankruptcy of Tekhnika Bank, which was the founder of Alfa Sigorta. In this regard, the insurance company was faced with a critical situation.
Due to the increase in the insurer's liabilities and to prevent the transmission of additional risks to the system, membership of Alfa Sigorta in the Compulsory Insurance Bureau has been suspended.
Attempts to improve the insurance company due to lack of sufficient reserves secured by liquid assets has not brought the desired results,’ FMCH stated. -----75D
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