Activity of Ata Sigorta and Ateshgah Sigorta limited due to insurance law breaches


April 15, Fineko/ The Financial Market Supervision Authority of Azerbaijan (Fimsa) limited the license of insurance companies Ata Sigorta and Ateshgah Sigorta.

The Authority informs that two companies’ permits for compulsory insurance of vehicle owner’s civil liability have been liquidated as well.

Such a decision was made in connection with the violation of the insurance legislation requirements at the conclusion of contracts for third party motor liability. Both insurers’ activity will be limited until the shortcomings are eliminated.

Fimsa also restricted the license of insurance and reinsurance broker SINKO Qrup Azerbaycan for three months and restored the license of insurance and reinsurance broker Societe de Courtage.