The share of foreign insurance companies in the authorized capital of local insurance companies may not exceed 30% of aggregate authorized capital, and the share of one foreign natural person may not exceed 10% of capital. Except for international financial institutions to which Azerbaijan Republic is a member, foreign insurers and foreign institutional investors (banking and credit institutions, pension funds, investment funds), the general share of other foreign legal persons in the charter capital of an insurer must be less than 50% of shares. For the purposes of the OECD FDIRRI, the aggregate restriction on foreign participation is assumed equivalent in terms of restrictiveness to foreign ownership caps for the acquisition (only) of individual banks. 
"Chapter 3 - Founders and shareholders of the insurer [...]
Article 20. Additional Capital Requirements
20.1. The limit of foreign capital share in the total authorized capital of all insurers operating in the Republic of Azerbaijan and the rules for calculating this share shall be established by the financial market controlling body.
20.2. It is prohibited for a foreign insurer to open a branch in the territory of the Republic of Azerbaijan.
20.1-1. The share of one foreign individual in the authorized capital of the insurer may not exceed 10% of the shares and 30% of the total amount owned by foreign individuals.
20.1-2. The total share of other foreign legal entities in the authorized capital of the insurer, except for international financial organizations, foreign insurers, as well as foreign institutional investors (banks and credit institutions, pension funds, investment funds), shall be less than 50% of the shares. [...]" (Law of the Republic of Azerbaijan "on Insurance activity" dated December 25, 2007 № 519-IIIQ [google translated])
Law of the Republic of Azerbaijan "on Insurance activity" dated December 25, 2007 № 519-IIIQ [google translated]
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