CBA clarifies refusal to sell compulsory motor insurance

Baku/17.01.23/Turan: The Central Bank of Azerbaijan (CBA) has clarified the situation with the refusal of insurance companies to insure the civil liability of owners of small motor vehicles, which are mainly used as taxis.

The CBA statement says that the insurers have no right to refuse to insure cars.

According to the Law "On Compulsory Insurance", an insurer cannot refuse to conclude a contract of compulsory insurance for a person who has applied for insurance of relevant risks and has an insurable interest. If such an event occurs, you may file a complaint to the CBA by calling the 966 hotline or by filing a complaint in writing. All complaints are dealt with promptly, taken under control and investigated immediately, and the citizen is assured that the insurer of his choice will sell the certificate of compulsory insurance within a short period of time.

At present, in order to monitor the situation on the compulsory motor insurance market and address existing problems, the CBA regularly conducts rigorous monitoring, comprehensive analysis and assessments. Based on the results of the assessments, the necessary steps will continue," the regulator said in a statement. -0-