Licenses of about 200 insurance intermediaries suspended in Azerbaijan

The Central Bank of Azerbaijan has suspended insurance broker licenses issued to 8 individuals and insurance agent licenses issued to 155 individuals and 21 legal entities for 3 months.

This was reported to the Report by the regulatory body.

According to the information, this decision was made on July 6 in accordance with the law “On Insurance Activities”. The licenses were suspended due to late submission of quarterly reports.

According to the law "On Insurance Activities", insurance intermediaries are required to submit a report to the CBA within 20 days after the end of the quarter. Brokers whose licenses were suspended did not submit a report for the first quarter of this year to the organization. Under the law, the license of an insurance broker in this case may be suspended for up to 6 months.

source: report.az