The Ministry of Finance of Azerbaijan has approved changes to the Rules of the upper limit of the share of foreign capital in the authorized capital of local insurers.
According to the website of the State Insurance Supervision Service, a schedule has been defined, according to which the upper limit of foreign capital to January 1, 2015 will be 50% (currently apply different restrictions of foreign individuals and legal entities in the capital of insurance companies in Azerbaijan).
From 1 January 2015 the upper limit will be 70%, from 1 January 2016 - 85%, and from 1 January 2017, access for foreign investors to the local insurance market will be completely liberal.
According to the innovation, foreign individuals can also be foreign shareholders of local insurers.
At the local insurance market 28 companies operate and in five of them there is a share of foreign capital. - 17D-
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