AIA: Capital requirements for Azerbaijani insurance companies won’t grow

Business Materials 6 March 2018 17:46 (UTC +04:00)

Baku, Azerbaijan, March 6

By Anvar Mammadov – Trend:

Currently, the issue of increasing the requirements for the authorized capital of Azerbaijani insurance companies is not topical, Head of Azerbaijan Insurers Association (AIA) Mustafa Abbasbayli told reporters in Baku March 6.

“This issue is not currently on the agenda, since the existing capital requirements for insurance companies were introduced relatively recently. Today, insurance companies are not facing the financial risks related to capitalization,” Abbasbayli said.

Currently, the requirements of the Financial Market Supervisory Authority (FIMSA) of Azerbaijan to the authorized capital of insurance companies stand at five million manats for existing companies and 10 million manats for newly created ones.

Twenty-one insurance companies operate in Azerbaijan’s insurance market.

(1 USD = 1.7001 AZN on March 6)