The Azerbaijan Finance Ministry established the requirements on the minimal amount of the authorized capital for the insurance and reinsurance companies operating in the country. Its minimum to January 1, 2007 was to reach 700 000 AZN. Trend reports quoting a message spread by the Finance Ministry, that the aggregate capital of the insurance companies operating in Azerbaijan (totally 29) to January 1, 2007 had reached 39413,511 thousand AZN. In comparison with the corresponding period of 2005, the growth reached 22,4%. The share of the aggregate participation of foreign capital in the authorized capital of the Azerbaijani insurance companies reached 3 856,944 thousand AZN, that makes up 9,78% out of the whole capital of the insurers. The Finance Ministry is expected to announce a new schedule for increasing the minimal requirement for insurance companies operating in the country in 2007. The new requirements on the minimal amount of the authorized capital will cover a three-year period.
Azerbaijan Insurance Companies Fulfilled Requirements on Authorized Capital till January 1, 2007
31 January 2007 18:05 (UTC+04:00)