AZERBAIJAN: The Compulsory Insurance Bureau of Azerbaijan already paid compensations to about 1,000 creditors of Standard Insurance

21 September 2020 — Marina MAGNAVAL
Standard Insurance company's license was revoked this year in May and the Compulsory Insurance Bureau of Azerbaijan, based on the Azerbaijani legislation, is fulfilling its obligations under the company's compulsory insurance contracts. The Bureau paid already compensations to about 1,000 creditors, as Trend reported referring to the Bureau.

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.

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