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Licenses of over 70 insurance agents revoked in Azerbaijan

These persons didn't provide required reports to the Ministry of Finance in a timely manner

Baku. 29 July. REPORT.AZ/ Some permanent licenses issued to agents for insurance activities revoked in Azerbaijan.

Report informs referring to the State Insurance Supervision Service (SISS) of the Ministry of Finance.

According to the relevant order of the Ministry of Finance, in accordance with the law, licenses issued to 80 individuals to engage in activities of an insurance agent suspended from April 7, 2015 for a period of 3 (three) months for failure in provision of reports to the supervisory authority.

However, due to the fact that 71 of the 80 individuals did not provide the required reports in due time and thereby eliminated the circumstance that were the basis for the suspension of the license, in accordance with the requirements of Article 107.1.2 of the law "On insurance activity", the corresponding order the Ministry of Finance revoked license to these individuals issued perpetual for insurance activity.

The list is available on the website of SISS.

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