License of insurance agency Progress halted

05.12.2017,10:09


December 5, Fineko/abc.az. The term of validity of the license of Progress-Siğorta Agentliyi LLC has been suspended for one month.

The Financial Market Supervision Chamber reports that the Company was given one month to remove imperfections in its work.

"The recent inspection revealed violations of insurance legislation in Agency’s operations. Progress-Sigorta failed to create a system of internal control to counteract legalization of proceeds received in a criminal way and financing of terrorism. Certification of the relevant personnel was not provided as the Law on Insurance Activity requires," the Chamber said.

If the deficiencies are not eliminated in due time, the matter of Agency’s license cancellation will be raised.