The Board of Directors of the Central Bank has adopted a decision “About determination of “the minimum amount of the capital required from insurance company””, APA reports.
The decision entered into force on March 18.
Based on the decision, the minimum amount of the capital required from insurance companies has been determined as follows:
- For activity in the area of non-life insurance – AZN 5 million;
- For activity in the area of life insurance – AZN 10 million;
- Exclusively for activity in the area of reinsurance – AZN 20 million;
- For activity of insurance company in the area of reinsurance – AZN 5 million;
- For a joint insurance company engaged in management of agrarian insurance system on behalf of agrarian insurance agency – AZN 1 million.