According to the Bureau, within a day about USD 470,500 were paid to creditors. Preliminary assessment and temporary administration, aimed at protection of rights of consumers, helped to accelerate payments.
Standard Insurance started its operations on the Azeri insurance market in October 2002 and has 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. Thus, on May 19, 2020, the Central Bank of Azerbaijan decided to revoke the company's license and appoint a temporary administrator.