About 3,400 creditors of Standard Insurance have already received compensation from the Compulsory Insurance Bureau of Azerbaijan. Standard Insurance was declared bankrupt and its license was revoked this year in May, Trend reports with reference to the bureau.

According to the data, within 55 working days from the date of liquidation of the insurance company, creditors were paid about AZN 3.3 million (~EUR 1.6 million*). According to the Bureau, it plans to satisfy requirements of about 4,000 applicants in total.

The court's decision on bankruptcy of Standard Insurance came into force on September 14, 2020.

Standard Insurance started its operations on the Azeri insurance market in October 2002 and had been providing services under 28 types of both compulsory and voluntary insurance. The company lost its capital and was not able to carry out insurance activities. On May 19, 2020, the Central Bank of Azerbaijan decided to revoke the company's license and appoint a temporary administrator.

* at the following exchange rate:
1 EUR = 2.0628 AZN (December 7, 2020)