Swiss company leaves insurance market of Azerbaijan
The Central Bank of Azerbaijan has cancelled licences of one legal entity of insurance broker and three legal entities of insurance agent. This is reported on the website of the regulatory structure.
The decision was adopted on 10 January in accord with the "Law on Insurance Activity", the report says. Licences were cancelled on the basis of voluntary applications.
The legal entity that left the market is a subsidiary of the Swiss company "Societe de Courtage" in Azerbaijan, acting as an insurance and reinsurance broker.
Finance
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The Central Bank of Azerbaijan (CBA) has approved the ‘Concept of Policy on Risk-Based Control’. This is reported on the website of the structure.
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If 2 years ago a share of local revenues in the budget of the Nakhchivan Autonomous Republic was 20-25%, by this year's end a share of local revenues will exceed 50%.
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The Central Bank of Azerbaijan (CBA) has given binding instructions to 'Azsığorta', 'Atəşgah Insurance', 'İpək Yolu Insurance', 'Xalq Həyat Insurance', 'Aqrar Insurance' and 'AzRe Təkrarsığorta'. This is reported on the CBA website.
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The NBCO 'Para will hold a regular general meeting of shareholders on 4 February at 11:00.
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