BAKU, Azerbaijan, April 22. Citizens insured
with Azerbaijan's AtaInsurance OJSC during the previous period will
now only have to contact Ateshgah Insurance OJSC regarding any
insurance event or other requests, a source in Ateshgah Insurance,
commenting on the liquidation of AtaInsurance, told Trend.
The source said that the citizens should contact on the above
issues due to the fact that, since April 10 of this year, all
insurance contracts signed between AtaInsurance and citizens have
been transferred to Ateshgah company.
"The relevant regulations will be fully complied with to ensure
a smooth transition period and fully protect the rights of
customers. Transparency and information processes will be ensured
accordingly, and all necessary measures will be taken to ensure
that customers do not experience any inconvenience.
This transfer process is considered an important opportunity for
Ateshgah Insurance Company OJSC in terms of strengthening its
market position and expanding its product portfolio.
The company aims to provide customers with a wider and more
competitive range of insurance products and plans to take
appropriate strategic steps in this direction in the future," the
source emphasized.
The license of AtaInsurance was revoked by the Central Bank of
Azerbaijan (CBA) on April 21.
In accordance with Article 107.1.1 of the law of Azerbaijan "on
insurance activities", by the decision of the CBA Management Board
dated April 17, 2026, the license No. 000300 dated November 10,
2009, issued to AtaInsurance for insurance activities was
canceled.
"The cancellation of the company's license doesn't pose any
threat to the financial sustainability and stability of the
insurance sector.
The cancellation process will be monitored by the CBA within the
framework of the legislation of Azerbaijan," the bank's statement
emphasized.
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