![Increased minimum capital requirement for the insurance market](https://turan.az/resized/./turan-750-500-resize.webp)
Increased minimum capital requirement for the insurance market
BAKU/13.02.14/TURAN : A new plank minimum level of capitalization of insurance companies in Azerbaijan has been approved.
The Board of the Finance Ministry left the previous level (5 million manat) for those who are not engaged in the life insurance segment and for those who intend to obtain a license . Life insurers to January 1, 2015 must have a capital of AZN 6.5 million from January 1, 2016 - 8 million, and from 1 January 2017 - 10 million manat . AZN 10 million will also regard the newly created companies.
The only reinsurance structure of Azerbaijan (AzRe) with registered capital of 40 million manat is not threatened - for it and such new formations the minimum is 20 million manat .
The current insurers, also hoping to do reinsurance risks from March 1, should raise the level of risk prevention by another 2.5 million manat. From 1 January next year, this desire will cost 5 million manats. - 17D-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review