Information on restricted licenses in the insurance sector

11-08-2023

11 August 2023, Baku – The license of  the "A-Group Insurance Company" Open Joint Stock Company on insurance activity was restricted on 11 August 2023 by revocation of permits issued to the "A-Group Insurance Company" Open Joint-Stock Company for "Compulsory Motor Third Party Liability Insurance", "Compulsory insurance of real estate" and "Compulsory insurance of civil liability related to real estate" on the basis of voluntary application in accordance with Article 105.1.1 of the Law of the Republic of Azerbaijan "On Insurance Activity".

In accordance with Articles 105.3 and 105.4 of the Law, restricting the insurer's license prohibits him/her from concluding new insurance contracts for the relevant type of insurance, as well as extending the term of the valid insurance contracts for that type. The insurer must fulfill the obligations assumed in insurance contracts concluded earlier for the type of insurance for which the validity of the insurer's license is restricted until the expiration of the term of those contracts or until they are prematurely terminated on the grounds provided for in Article 919 of the Civil Code of the Republic of Azerbaijan.