Baku, Azerbaijan, March 27
By Kheyraddin Nasirzade - Trend:
Azerbaijani insurance company AXA MBASK has temporarily suspended sales of all types of insurance policies, a source at the company told Trend.
"At the moment, we have temporarily stopped selling insurance policies. Currently, we have restrictions by the Financial Market Supervisory Authority on compulsory types of insurance, in particular, on compulsory motor third party liability insurance. In this regard, we also decided to temporarily suspend the sale of policies on voluntary types of insurance," the source said.
The source at AXA MBASK noted that the company is going to settle technical problems in the near future and resume the sale of compulsory insurance. However, it did not specify when the sale of policies for voluntary insurance would be resumed.
On March 11, 2019, the Financial Market Supervisory Authority of Azerbaijan limited the AXA MBASK license to provide compulsory motor third party liability insurance services due to violations of the Law on Insurance Activities when concluding contracts for this type of insurance.
MBASK Insurance Company has been operating since 1992. It is one of the first private insurance companies in Azerbaijan. In 2010, one of the largest insurance companies in the world - AXA Group acquired a controlling stake (51 percent) of MBASK insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain).
