Azerbaijan, Baku, 19 March / Trend corr U. Ismayilova/ Azerbaijan's Government wants insurance companies to increase their shares in the country's investment projects, the Chair of the Parliamentary Commission for Economic Affairs Ziyad Samadzade said on 17 March.
" Azerbaijan's insurance market remains behind with respect to the banking market, though, the world practices experiences cases when assets of an insurance company exceed those of a bank's," he said.
According to Azerbaijan's Finance Ministry, as a result of 2007, the premiums of Azerbaijan's insurance companies totalled AZN 147.2mln and payments AZN 35.62mln.
Samadzade said that in order to improve the shares of insurance companies in the investment projects, new Law on Insurance Activities, which came into action on 15 March, envisages a limit for opening 'foreign companies' branches in Azerbaijan.
"That was made in order to prevent excessive presence of foreign companies in the market," Samadzade said.
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