Criteria for classifying systemically important insurance businesses have been approved in Azerbaijan. Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov signed a corresponding decision, Trend reports.

According to the decision, insurance companies meeting the following criteria will be considered systemically significant insurance companies: those with 20% of the total asset weight, 10% of insurance premiums, 10% of insurance contracts, insurance company obligations to financial organizations, assets placed in financial organizations, and reinsurance shares at 6.67%, as well as insurance (reinsurance) shares for special types of insurance at 30%, and diversity of the insurance (reinsurance) portfolio at 10%.

The CBA Board will adopt the list of systemically significant insurers on an annual basis by March 1, the source said.