Azerbaijan, Baku / corr. Trend U.Ismaylova / The Head of the State Insurance Control Department of the Finance Ministry of Azerbaijan, Namig Khalilov, said on 19 May that the State Insurance Control will not set up barriers for the local insurance companies whishing to open their daughter companies in Georgia. Making a speech at a conference in Tbilisi this week, the Head of Baku Inter-Bank Currency Exchange, Farhad Amirbeyov, did not exclude that the Azerbaijani insurance companies may appear in Georgia in the near future. According to Khalilov, the key barrier for the local insurance companies to join the international market is the low capitalization, which presently amounts to AZN 700.000. "There are not high capitalization and professional companies," he said. Presently 29 insurance companies function in Azerbaijan.
State Insurance Control of Azerbaijan Will not Set Up Barriers for Insurance Companies in Opening Daughter Companies in Georgia
19 May 2007 12:29 (UTC+04:00)