The share of foreign capital in the local insurance market could rise to 30%

The parliament approved the eve of the corrections due to the limits of foreign capital in the local insurance market. If earlier the limit defined by the state Insurance Supervision Service Ministry of Finance , so that the share of foreign capital is about 10 %, now legally allowed to increase the share of foreign assets to 30% ( the rate of 10 % for each individual ) .

According to the amendment , the overall share of foreigners in the authorized capital of the insurer shall not exceed half ( exception - the international financial institutions, to which Azerbaijan is a member , as well as foreign insurance companies, banks, non-bank credit institutions , pension funds, investment funds).

Previously, these limits are determined by a decision of the supervisory authority .

The ban on the creation of the territory of Azerbaijan branch of a foreign insurance company is not canceled.

According to the Head of State Insurance Supervision Service Namik Khalilov , involvement in the local market leading companies will acquire international experience, enhance the inflow of foreign funds and create favorable conditions for the creation of companies with 100 percent foreign capital. - 17D-