AZERBAIJAN: Licenses of 3 insurance companies revoked

Azerbaijan's Financial Market Supervisory Authority has revoked licenses of three insurance companies - the International Insurance Company, Azerqarant Insurance and Buta Insurance, the company said in a message Dec. 30.

Licenses of all the three companies have been cancelled upon their own requests, according to FIMSA. The shareholders of these companies have made decisions on the companies' elimination.

Shareholders of Buta Insurance have decided to liquidate the company and give its active portfolio worth 1.84 million manats to Gunay Insurance company. Read the full story

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