The Central Bank of the Republic of Azerbaijan has published a notice on licence suspensions in the insurance sector, reporting a three-month suspension for CIB Insurance Agency LLC and one-month suspensions for 10 insurance intermediaries under decisions dated 14 May 2026. The measures were taken for failures to comply with requirements under the Law on Insurance Activity, including non-compliance with a regulatory order and failure to submit a required report. The three-month suspension of CIB Insurance Agency LLC, which holds licence SA-0264 issued on 1 December 2022, was imposed under Article 106.1.1 for failure to implement a regulatory order issued under the law on time and or in full. Separately, under Article 106.1.10, the Central Bank suspended for one month the licences of one legal-entity insurance broker, two individual insurance brokers and seven individual insurance agents for not submitting the relevant report.
Central Bank of the Republic of Azerbaijan2026-05-15
Central Bank of the Republic of Azerbaijan suspends CIB Insurance Agency licence for three months and 10 insurance intermediary licences for one month
The Central Bank of the Republic of Azerbaijan has suspended the licence of CIB Insurance Agency LLC for three months and the licences of 10 insurance intermediaries for one month under decisions dated 14 May 2026. CIB Insurance Agency LLC was sanctioned for failing to implement a regulatory order under Article 106.1.1 of the Law on Insurance Activity, while the other intermediaries were sanctioned under Article 106.1.10 for not submitting a required report.