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Azerbaijan: Finance ministry to double requirement for reinsurers' capital

January 28, 2014 - 6:00am

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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