Azerbaijan, Baku, Feb.1 / Trend A.Akhundov /
Azerbaijan may lift 30 percent limit on the share of foreign companies in the total authorized capital of local insurers.
This was stated by the head of the State Insurance Supervision Service under the Ministry of Finance, Namik Khalilov.
This restriction has been set by the decision of the Ministry of Finance in November 2008.
"This restriction doesn't get in the way anyhow. Today, foreign ownership doesn't exceed 10 percent. Nevertheless, it is planned to increase their share first, and then completely remove the restriction on participation of foreign capital companies in the local insurance market," Khalilov said.
There are 28 insurance companies and one reinsurance company in Azerbaijan. One of them, Çartis Azərbaycan, is a company with 100-percent foreign capital.