CBA revokes license of insurance company

The Board of the Central Bank of Azerbaijan (CBA) has revoked the license, issued to Ravan Sigorta OJSC on October 15, 2009, Report informs, citing the bank.

According to the CBA, the decision was made on the basis of a voluntary appeal in accordance with Article 107.1.1 of the Law "On Insurance Activities".

As a result, the number of insurance companies in the country dropped from 21 to 20.