The Central Bank of Azerbaijan has cancelled the license of the "Progress" insurance agency.

This is reported on the website of the regulatory body.

This decision was adopted on August 30 in accord with the Law 'On Insurance Activity', the report says.

The company's license was cancelled, as the circumstances that served as the basis for suspending its operation were not eliminated within the established time frame.

Aside from this, the CBA suspended the licenses of insurance agents issued to 13 individuals and one legal entity - the company 'Z Corporation' for 3 months. This decision was adopted on September 4 in accord with the Law 'On Insurance Activity'. Licenses have been suspended due to non-submission of the relevant report.

Source: Turan News Agency