BAKU, Azerbaijan, June 23. Insurance agents in Azerbaijan send SMS messages to citizens with notices that if they do not insure their properties they will be fined, however, this is illegal, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said, Trend reports.
He made the remark during the discussion of the proposed amendments to the law “On the Central Bank of the Republic of Azerbaijan” at today’s meeting of the Milli Majlis (Parliament) of Azerbaijan.
“We know that consumers are concerned about this, and we have already warned both insurance companies and their agents that sending SMS messages to citizens is not in their competence,” he said.
Currently, there are 20 insurance companies working in Azerbaijan, including such as AzInsurance JSC, Ateshgah Insurance JSC, Silk Way Insurance JSC, Gunay Insurance JSC, A-Group Insurance JSC, Xalq Insurance JSC, Ata Insurance JSC, Baku Insurance JSC, Azerbaijan Industrial Insurance JSC, AzerInsurance JSC, Mega Insurance JSC, Qala Insurance JSC, Pasha Insurance JSC, Nakhchivan Insurance JSC, etc.

The Central Bank of Azerbaijan canceled the licenses of two insurance agents (individuals) on June 9. The licenses were canceled based on the statements of these insurance agents in accordance with Articles 107.1.1 of the Law “On Insurance Activities” of the Republic of Azerbaijan.

source