Azerbaijan, Baku, 10 July / Trend corr U.Ismayilova/ " Azerbaijan's insurance companies not conforming to acting legislation's requirements will be eliminated," Azerbaijani Finance Minister Samir Sharifov said at the 1st Azerbaijan International Insurance Forum on 10 July.
"The State Insurance Control is examining the market to provide high quality and adequate financial indices," said Sharifov.
According to Minister, elimination of 49% limit for foreign investors' stockholding in local companies promoted development of Azerbaijan's insurance market.
Elimination of the limit will provide extra opportunities for foreign investors to enter local market and to promote its development. The limit was eliminated in conformity with the new Law on Insurance which took effect in March.
"However, development of an insurance company requires not only outside investments but also improvement of capitalization," said Minister.
Insurance premiums per capita totalled AZN 17.2 in 2007, which is 2.3 times more than in 2003. Aggregated authorized capital of Azerbaijan's insurance companies comprised AZN 63.4mln in 2007 - 3.5 times more than in 2003. In the first quarter of 2008, insurance sector's growth reached 35%.
The forum (10-11 July) organized by Azerbaijan Insurers Association will focus on tendencies of development of the insurance market, impact of the experience of the insurance markets of the European countries on the development of insurance in Azerbaijan, development of life insurance, analysis into the insurance market of Azerbaijan, finance system and corporate management in the field of insurance.
Sponsors of the International Insurance Forum are insurance companies Standard Insurance, Baki Sigorta, ATA Sigorta , AzerSigorta, Atesgah, AZ Sigorta, Beynelxalq Sigorta Sirketi, AzRE tekrarsigorta, MBASK and Insurance Association RUSSIA (official sponsors), as well as Audatex, FADATA, A Group, Alfa Insurance, Polish Reinsurance Company, РОСНО, Thames Insurance Group, UnityRe, SFS, Ingosstrakh, Qarant Sigorta.
Trend renders information support to the Forum.
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