Azerbaijan, Baku / Trend corr U. Ismayilova / Azerbaijan's joining the World Trade Organization (WTO) will enable integration of insurance companies into the world market and will give an impetus to the local market to act competitively with western companies, the Director General of the Azerbaijani-Russian Ateshgah JV a joint-stock insurance company, Intigam Huseynov, said on 28 June.
According to Huseynov, participation in Azerbaijani insurance market of foreign companies with 100% of their own capital will profoundly promote the development of the insurance market in Azerbaijan.
In compliance with the active Law on Insurance, foreign stockholders can own only 49% of the stock in a joint venture in Azerbaijan.
'The level of insurance in Azerbaijan deeply increased. In a while there will be no need for the restrictions," Huseynov said.
Ateshgah was established in 1996 and was issued a license for insurance activities in the beginning of 1997. Ateshgah is the only Azerbaijan insurance company insuring energy risks related to exploration and development of on-shore and off-shore oil and gas operations.