Determination of the Minimum Required Capital for Insurers

BOARD OF DIRECTORS OF THE CENTRAL BANK OF THE REPUBLIC OF AZERBAIJAN DECISION No. 08/2 Baku, March 4, 2020

On the Determination of the Minimum Amount of Required Capital for Insurers

With a view to determining the minimum amount of required capital for insurers, and based on Article 22.0.17 of the Law of the Republic of Azerbaijan "On the Central Bank of the Republic of Azerbaijan" and Article 79.2 of the Law of the Republic of Azerbaijan "On Insurance Activities", the Board of Directors of the Central Bank of the Republic of Azerbaijan DECIDES:

1. The minimum amount of required capital for insurers shall be determined as follows:
   1.1. For non-life insurance activities - 5,000,000 (five million) manat;
   1.2. For life insurance activities - 10,000,000 (ten million) manat;
   1.3. For reinsurance activities conducted exclusively - 20,000,000 (twenty million) manat;
   1.4. For insurers conducting reinsurance activities - 5,000,000 (five million) manat;
   1.5. For joint insurers managing the agricultural insurance system on behalf of the agricultural insurance authority - 1,000,000 (one million) manat.

2. The Legal Department (R. Malikova) is tasked with ensuring that this Decision is submitted to the Ministry of Justice of the Republic of Azerbaijan for registration in the State Register of Legal Acts within 3 days.

Chairman of the Central Bank Elman Rüstəmov