Insurance law expected to be protracted

"We submitted the draft to the Government and President's Office. The law envisages financial stability of insurance and reinsurance companies," Finance Ministry Insurance Control Officer Namig Khalilov told APA.

He said some amendments will be made to corresponding laws and the limit of authorized capital of the insurance companies after the new Insurance Law is adopted.

According to the amendments, the insurance companies will have to increase the authorized capital to AZN 1mn by June 1, 2007 and to AZN 3m by 2010.

But, according to the current law, the insurance companies have to increase the authorized capital to AZN 1m by 2010.

Khalilov said that some companies' authorized capital has already exceeded AZN 3m.