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Azerbaijan: Finance ministry to double requirement for reinsurers' capital

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Draft documents prepared by the Azerbaijani Finance Ministry indicate that the ministry will increase the requirements for the minimum amount of the capital of reinsurers from 10 million Azerbaijani manats ($12.8 million) to AZN 20 million ($25.5 million), Trend News reported.

The capital of insurers seeking reinsurance license should exceed the minimum requirement of AZN 2.5 million ($3.2 million) from Mar. 1 2014 and AZN 5 million ($6.4 million) from Jan. 1 2015.

The Azerbaijani market currently has 28 insurers and one reinsurer, OJSC AzRe Reinsurance.

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