Govt plans to double capital requirements for insurance companies

20 June 2013 11:28 (UTC+04:00)

By Nigar Orujova

Azerbaijan's Finance Ministry will double the minimum requirement for the total capital of insurance and reinsurance companies, Minister Samir Sharifov said at the fourth Azerbaijan International Insurance Forum in Baku on June 20.

In the coming years, the Ministry plans to increase the capital requirement of insurance companies from 5 to 10 million manats (up to over $12,700). Accordingly, the capital requirement for reinsurers will be increased from the current 10 to 20 million manats (up to about $25,400).

The increase of the requirements will not cause serious problems for companies, according to Sharifov.