Insurance structure created by Vasif Talibov liquidated

The State Insurance Service of Nakhchivan Autonomous Republic has been liquidated.

An appropriate order was signed by the First Deputy Chairman of the Supreme Mejlis of the Autonomous Republic Azer Zeynalov.

On the basis of the order, the Ministry of Local Economy must ensure the implementation of the liquidation measures as set forth in the Civil Code, resolve other issues arising from the order.

Recall that the State Insurance Service in Nakhchivan was established by an order signed by the former Chairman of the Supreme Mejlis Vasif Talibov in 2021, and has so far provided unlicensed, that is, illegal insurance services, and the Central Bank of Azerbaijan (CBA) was powerless to prevent it.

On May 3, at a press conference on the discount rate in the CBA, the general director of the structure, Ziya Aliyev, said that the decision on the activities of the State Insurance Service in Nakhchivan should be adopted within the framework of legislation. And a little later it was decided to liquidate the insurance structure created V. Talibov.

This was not the only illegal step of the former chairman in the insurance sector. Thus, the subsidiary of “Naxçivanbank” – “Naxçivan Sigorta”, which at one time belonged to members of his family, operated for a long time without a license, which was known even to the then Chamber for Financial Market Control; however, it failed to prevent illegal activities. The Chamber issued “Naxçivan Sigorta” a license under which the company operates until now.

Source: Turan News Agency