One more insurance company closed in Azerbaijan

Baku. 26 August. REPORT.AZ/ According to today's decision of the Board of Directors of Financial Markets Control Chamber license of Alfa Insurance for insurance activity was canceled. Report informs referring to the Chamber the reasons for the cancellation of license are sharp deterioration of financial condition of Alfa Insurance in recent years, loss of assets and capital, insufficient reserve and not fulfillment of obligations.

For some time now, special control regime was introduced in relation to Alfa Insurance due to the current problems.

In order to prevent increase of liabilities of the insurer and transfer of risks to the system, the company has been withdrawn from the membership of the Compulsory Insurance Bureau since April 2016 and asset sale has been prevented.

All requests for the obligations of Alfa Sigorta should be addressed to the temporary administrator at the address Baku, Khatai district, Babek avenue, Babek Plaza, Block C.