11:33 - 22.10.2024

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October 22, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has issued binding instructions to PASHA Sigorta, Qala Sigorta and Azerbaycan Senaye Sigorta.

ABC.AZ reports with reference to the Central Bank that when regulating insurance cases in the form of "compulsory insurance of civil liability of owners of motor vehicles" of these companies, in the course of research conducted by the organization and general monitoring of the insurance market, non-compliance was revealed with the relevant paragraphs of the "Rules on regulating mutual payments between insurers in connection with compensation for damage caused to a vehicle driven by a road accident victim".

In connection with the identified shortcomings, in accordance with Article 102.2.9 of the Law on Insurance Activities, insurers have been given a mandatory order to execute.