CBA revokes license of one more local insurer

By Trend

The license of another Azerbaijani insurance company has been revoked, Trend reports citing a publication of the Central Bank of Azerbaijan (CBA) on the Twitter page.

According to the CBA, in accordance with Article 107.1.1 of the Law of Azerbaijan ‘On Insurance Activity’, on the basis of a voluntary appeal by the decision of the Board of the CBA dated March 10, 2021, license No. 000271 dated October 15, 2009 issued to Ravan Sigorta OJSC, has been revoked.

Thus, the number of insurance companies in the domestic market dropped to 20.