Local incorporation requirement for insurance providers.
"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. 
[...]
Chapter 11 - Insurance intermediaries [...]
Article 89. Requirements to the Founders or Participants of a Legal Entity Insurance Broker and Legal Entity Excepting an Insurance Agent
89.3. It is prohibited for foreign insurance brokers to open branches in the territory of the Republic of Azerbaijan. [...]" (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]
[<a href="http://www.e-qanun.az/framework/13983">Law</a>]