Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

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116 DOING BUSINESS IN AZERBAIJAN the year-start, which is primarily associated with the banks’ growing inclination towards investment project financing. During the year 51% of the loans were Manat-dominated facilities. During the year, loans to the agricultural and processing sector increased by 33.6%, to industry and production by 38.8%, and to trade and services by 60.1%. Loans to the trade and services sector amounted to AZN1910.4 mln as of January 1, 2009, which represents 27.3% of the total loans. Securities acquired by banks increased by 1.8 times as of January 1, 2009 thus totaling to AZN747.6 mln. Government securities decreased to 39.2% as percentage of the total securities as of the total securities as of January 1, 2009 (70.2% as of January 1, 2008). Banks’ investments in corporate securities increased by 3.6 times totaling to AZN453.6 mln by the end of 2008, where as debt obligations of foreign companies amounted to AZN434.1mln. Insurance Insurance market is one of the most dynamic sectors of the Azerbaijani financial market. Although insurance market is on the first stage of its development, according to analysis of financial indicators it could be said that growth and development direction of the market by and large is on a right path. There are two public organizations in the field: The Union of Azerbaijani Insurers and Union of Insurance Societies of Azerbaijan. Activities are directly contributing to the insurance market development and reinforcement of the companies. Seven insurance majors are also the members of the Insurance Council established by the Ministry of Finance of Azerbaijan. A number of internationals are also involved in local insurance market either directly or through local companies.
It should be noted that since 1993 Azerbaijan is an associate member of international system of automobile owners’ liability insurance - “Green Card” and cargo transporters’ liability insurance “TIR Carnet”. Currently work on fulfilment of normative requirements for completing Azerbaijan’s full membership is conducted. There are 35 types of insurance products on the Azerbaijani insurance market. 9 of them are mandatory insurance and 26 are voluntary insurance products. Below is the list of products as per the segment of market they occupy: • Motor vehicle insurance (automobile) • Property insurance • Cargo insurance • Accident insurance • Third parties liability insurance • Health insurance • Life insurance • Financial risks insurance During the last five years legal framework operation of the market has been re-established. In particular the Law “On Insurance”, “On mandatory Insurance of Motor Vehicle Owner’s Liability”, Law “On Mandatory Fire Insurance of Property”, Law “On Mandatory Ecological Insurance” and etc were adopted. Periodic increase to the minimum charter capital of insurance companies is aimed at consolidation of the market. As of beginning of 2008 joint charter capital of Azerbaijani insurance companies increased to 63.68 mln AZN. Share of SECTORS REVIEW 117
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DOING BUSINESS IN AZERBAIJAN 2009 A
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“During recent five years, the ec
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OVERVIEW OF THE REGIONS 127 Abshero
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Heydar Aliyev, President of the Rep
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2009 DOING BUSINESS IN AZERBAIJAN 2
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Abundant resources Azerbaijan is ri
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The Government will continue the po
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places in the ranking, the biggest
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of documents produced and executed
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the JSC only to the extent of their
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esponsible for its obligations. Lik
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• Ownership and other property ri
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government agency entrusted to exer
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labour duties when no notice is req
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Overtime and work during days-off (
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Azerbaijani law recognizes several
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Currency regulation & repatriation
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Residents can export hard currency
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on cars, buses and trucks depending
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Accounting The new Accounting Law 2
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As mentioned above separate chart o
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utility models, trademarks, and geo
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Page 81 and 82: of Azer baijan’s total reserves).
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Page 113 and 114: During the year total bank assets i
Page 115: Significant works continued in 2008
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Page 129 and 130: Aran economic region Aran is centra
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Page 133 and 134: The region is rich in brick, bank s
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2009 DOING BUSINESS IN AZERBAIJAN 1
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Tel.: (+99412) 4985094 Fax: (+99412
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Tel.: (+99412)4901323; Fax:(+99412)
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Tel: + 420 246032422; Fax: + 420 24
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Tel.: (73172) 24 15 81; Fax: (73172
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Tel.: +966(1)4192382; Fax: +966(1)4
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Tel.: (99412) 4901234; Fax: (99412)
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Consultant services Tel.: (99412) 4
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This publication prepared by: AZERB
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