Today.Az » Business » Azerbaijan is to limit foreign capital in insurance market
01 June 2006 [08:01] - Today.Az
Azerbaijani Government supports the maintenance of foreign capital limitation in local insurance market after 10 years of joining The World Trade Organization (WTO).
That is, foreign companies may take part in insurance market in Azerbaijan only within corporate enterprises and with maximum 49% participation share now.
WTO speaks for the complete elimination of the limitation of 49% share participation.
However, Azerbaijani side claims that local insurance companies, which are weaker than foreign companies, cannot sustain competition with them. This way, foreign insurance companies can drive the local ones out from the market, APA reports.