Monitoring launched at Azerbaijani insurance market

Baku.16 September. REPORT.AZ/ According to the decision of the Financial Markets Control Chamber (FMCC) Board of Directors, an extensive monitoring has been conducted on compliance of insurance intermediaries and insurer's sales representatives with the insurance legislation.

Report informs citing the chamber, 7 insurance intermediaries have been issued a representation, while 10 warned due to the violations revealed during the monitoring.

Reason for the warning was failure to comply with the compulsory insurance legislation, acting as an intermediaries without a license, improper information on the compulsory insurance certificates and other violations.

Within the measures, the chamber has given relevant instructions to the insurers in regard with strengthening control over the risks arising in relation to the intermediaries.