This comes from the minimum capital requirements set by the Ministry of Finance for insurance and reinsurance firms.
The new minimum capital requirements took effect from August 1, 2008.
According to the rules, the minimum capital requirements will increase as follow in the coming years.
New capital requirement effective from | For insurers | For reinsurers |
January 1, 2009 | 1 mln. | 2 mln. |
January 1, 2010 | 2 mln. | 4 mln. |
January 1, 2011 | 3.5 mln. | 7 mln. |
January 1, 2012 | 5 mln. | 10 mln. |