The Ministry of Finance of Azerbaijan suggests stage-by-stage canceling of limitations for participation of foreign capital in the countrys insurance market within 10 years. New chief of governmental insurance control with the Ministry Namik Khalilov told Trend such measures would be taken upon the countrys joining WTO. Foreigners access to the national markets, including insurance, is one of the primary conditions in conversations with WTO member-countries. This requirement has been set by the US.
The law В"InsuranceВ" in its new edition preserves the clause envisaging foreign insurance capital participation in proportion 49% to 51% (of Azeri capital). Khalilov said the rules of limitation canceling had already been defined.
В"Our insurance market is not enough developed, so opening doors to foreign insurers is quite dangerous. Such changes shall be taken with time, in accordance with revisions to law InsuranceВ", said Finance Minister Samir sharifov, commenting this issue recently.