Baku, Azerbaijan, Jan.21
By Abbas Akhundov -Trend:
Azerbaijan's Ministry of Finance plans to approve a new schedule for the capital increase of insurance and reinsurance companies in the country until the end of January 2014, chief of the State Insurance Supervision Service under the Ministry, Namig Khalilov told Trend.
"Once the new regulations are included in the state register of the Ministry of Justice, they will be published on the websites of the Ministry of Justice, and the Ministry of Finance," the head of the state service said.
Khalilov said that the new regulations are not available yet.
"Anyway, the new capital requirements should not cause any big problems for the market," Khalilov added.
Earlier, the Ministry announced plans to increase in the coming years the capital requirements of insurance companies from the current five million to 10 million manat. Accordingly, the capital requirement for reinsurers will be increased from the current 10 million to 20 million manat.
The official exchange rate on Jan.21 is 0.7844 AZN/USD.
Translated by M.L.
Edited by C.N.