BAKU, Azerbaijan, July 17. The Central Bank of Azerbaijan (CBA) has issued mandatory enforcement orders to Qala Insurance and AzInsurance Open Joint Stock Companies (OJSC), following a recent monitoring process, Trend reports citing the CBA.
The decision was made under Article 102 of the Law on Insurance Activities, after it was found that the companies had failed to establish civil-law contracts with independent experts, as required.
In addition, the CBA identified that several registered independent experts had not updated their registry data and were not conducting operations in the area of compulsory insurance through the Compulsory Insurance Bureau system. As a result, these experts were also issued binding orders under the same legal provision.
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