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-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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