Azerbaijan, Baku, June 5 / Trend , U.Ismayilova/
The State Insurance Supervision Service of the Azerbaijani Finance Ministry has given additional time and some guidance to insurers, in which the size of the authorized capital does not meet the minimum required level of one million manats as for Jan. 1, 2009, head of the state service Namig Khalilov said on June 5.
"Inconsistency required level of capital by some insurers is connected with technical issues, but this led to a decline in total capital of insurance companies," Khalilov said.
He said the decline in total capital, in particular, relates to the new arrangements for the capital reserve.
According to the Finance Ministry, a minimum level of the authorized capital for the Azerbaijani insurers for Jan. 1 2010 should reach two million manat (for reinsurers - four million manat), Jan. 1, 2011 - 3.5 million manats (for reinsurers - seven million manat), Jan. 1, 2012 - five million manat (10 million manat).
There are 28 insurance and one reinsurance company in Azerbaijan. Companies' premium amounted to 42.89 million manat, with 10.32 million in payments manats in the first quarter of 2009. Top ten of the most capitalized insurance companies of Azerbaijan includes Xalq Sigorta, Pasa Sigorta, International Insurance Company, Standard İnsurance, AIG Caspian Insurance, AzerSigorta, MBASK, Ata Sigorta, Star Alyans, A-Qroup
On June 5, the official exchange rate is 0.8036 manat to $1.
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