Ata Sigorta temporarily deprived of right for reinsurance services due to low capitalization


December 20, Fineko/ The Financial Markets Supervision Chamber of Azerbaijan (Fimsa) suspended activity of the license issued to insurance company Ata Sigorta.

The Chamber reports that the license has been halted by Fimsa Board’s decision in connection with the non-conformity of Ata Sigorta’s capitalization for provision of reinsurance services.

"The term of Ata Sigorta’s license for reinsurance services has been suspended for 5 months from 17 December 2018," Fimsa said in a statement.