The validity period of the last paper policies on mandatory MTPL insurance expired on 31 October 2017. Thus, the MTPL policies, written out on paper forms, are completely excluded from circulation in the country, wrote the Compulsory Insurance Bureau.
Azerbaijan's Ateshgah Insurance Company does not intend to expand its branch network soon, Azer Aliyev, chairman of the company's board, said in an interview with Trend.
Azerbaijan's PASHA Bank does not plan to open new branches abroad in the next three years, Taleh Kazimov, chairman of the bank's board, told reporters in Baku Oct. 17.
Azerbaijan's Financial Market Supervisory Authority (FIMSA) said Oct. 6 that it revoked the license of the Bashak-Inam Insurance OJSC.
Azerbaijan plans to introduce CAMELS model for calculating the amount of insurance premiums based on risks, according to the monitoring report on the implementation of measures reflected in the Strategic Road Map for the Development of Financial Services.
In September, the Compulsory Insurers Bureau registered 86,186
e-insurance agreements on mandatory insurance of motor vehicle owner's
Azerbaijan's insurance companies collected insurance premiums in the amount of 368.92 million manats in January-August 2017.
The Bureau of Compulsory Insurance (ISB) proposes the introduction of a
new regulatory mechanism. As it was said in the bureau's report on the
results of activity in the first half of the year, the coordinated
activity of the actors operating in this sphere creates the conditions
for reaching a new level of the quality of relations.
The Bureau of Compulsory Insurance (ISB) of Azerbaijan has decided on
the tasks for the near future with the aim of ensuring quality in the
insurance market. Bureau's report on the results of activity in the
first half of 2017 says that Azerbaijan does not have industry standards
for determining the amount of damage in the sphere of civil liability
insurance for motor vehicle owners.
In the first half of 2017, GWP written by the Azeri insurance companies totaled AZN 276.16 million, down by 3.22%, while the claims paid increased by 22.67%.
In the first seven months of 2017, Azeri insurers members of the Compulsory Insurance Bureau have concluded 49,151 compulsory real property insurance agreements, 695,557 MTPL policies and 17,231 Green Card policies.
In July 2017, 132,491 contracts on compulsory insurance of civil liability of vehicle owners were registered in Azerbaijan, up 29% from previous year, Compulsory Insurance Bureau of Azerbaijan (CIB) said.
At the end of June 2017, 133,148 contracts on compulsory MTPL were registered in the Azeri Compulsory Insurance Bureau's information system, more by 58% than in 1H2016.
Azerbaijan Deposit Insurance Fund (ADIF) paid AZN 43,222,000 to Parabank's depositors, AZN 58,971,000 to Zaminbank's depositors, AZN 27,771,000 to Kredobank's depositors and AZN 3,087,000 to Dekabank's depositors.
Gross premiums written by the local insurance companies totaled AZN 150.68 million, decreasing by 1.12% as compared with 1Q2016. Claims paid totaled AZN 60.29 million (EUR 32.76 million), up by 14.67% y-o-y.
The term given by Financial Markets Supervision Chamber of Azerbaijan
(FIMSA) to Standard Insurance for resumption of its activity will expire
The Ministry reports that insurance agency Atəsgah is under liquidation.
"Creditors can put forward their demands within two months at address:
29, Neftchilar Street, Sabail District of Baku," the Ministry said.
Bank VTB (Azerbaijan) has announced a tender procedure on the subject of
insurance of cash machines and cash in them. The Bank's tender
commission reports that bidders can familiarize themselves with the
tender documentation at Bank's office (38, Khatayi Avenue; Mezenat
Plaza, AZ 1008).
QALA Insurance was licensed to provide services on compulsory personal accident insurance of passengers, the Compulsory Insurance Bureau of Azerbaijan (CIB) has announced on its website.
The Azeri Financial Market Supervisory Authority (FIMSA), Ministry of Internal Affairs (MIA) and Compulsory Insurance Bureau (CIB) have concluded an agreement for exchanging information on the MTPL insurance.