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-
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