Comments by LexUz
The purpose of this Law is to regulate relations in the field of insurance.
If an international treaty of the Republic of Uzbekistan established other rules than those which are provided for by the legislation of the Republic of Uzbekistan on insurance activities, the rules of the international treaty shall be applied.
Insurance is protection of interests of legal and physical persons by payment to them in accordance with the contract of insurance the insurance compensation (insurance amount) for the account of cash funds generated from paid their insurance premiums, as well as other assets of the insurer, at the occurrence of a specific event (insurance event).
Insurance activity is the activity of professional participants in the insurance market related to the implementation of insurance.
life insurance (insurance interests related to life, health, capacity for work and interests related to money supply of physical persons, where the minimum period of insurance of the contract is one year and includes a one-time or periodic (annuities) payment of insurance sums, containing in itself the accrued interest, stipulated by the contract of insurance;
general insurance (personal, property insurance, insurance of liability and other types of insurance, is not related to the sphere of life insurance).
In accordance with the general characteristics of insurance risk or their groups and obligations associated with them spheres of insurance are divided on types (classes) of insurance. Types (classes) of insurance are determined by the Cabinet of Ministers of the Republic of Uzbekistan.
Professional participants in the insurance market are insurers, insurance intermediaries, adjusters, actuaries, insurance surveyors, as well as assistance.
An insurer is a legal entity that is a commercial organization, which has a license to carry out the appropriate type of insurance and accepts an obligation to pay insurance compensation (insurance amount) in accordance with an insurance contract.
Insurers are not may engage in entrepreneurial activity, directly not related to the implementation of the insurance, for the exception of cases provided for in article 61 of the present Law.
reinsure its obligations in the established order, as well as in the outside of the Republic of Uzbekistan;
carry out investment activities in the manner and on conditions determined by a specially authorized state body;
carry out professional activities in the securities market as an investment intermediary. In this case, obtaining a license by the insurer to carry out the specified type of activity is not required.
carry out activities related to advanced training of specialists in the field of insurance (reinsurance), as well as insurance mediation as an insurance agent;
to finance measures to prevent and prevent the occurrence of insurance events in the manner and on the conditions established by law;
establish rules (conditions) for the types of insurance carried out by the insurer in accordance with the law;
in the prescribed manner, request and receive from law enforcement agencies, courts, medical, seismological, veterinary, hydrometeorological and other organizations relevant information and documents necessary to determine the causes and circumstances of the occurrence of the insurance event, as well as the amount of insurance compensation (insurance amount);
conclude relevant agreements with insurance agents, insurance and reinsurance brokers, other professional participants of the insurance market;
refuse to pay insurance compensation (insurance amount) in cases and in the manner established by law and (or) the insurance (reinsurance) agreement, terminate the insurance (reinsurance) agreement ahead of schedule;
check the information provided by the insurer in accordance with the procedure provided for in the contract of insurance (reinsurance), conduct monitoring of performance of the requirements and conditions of the contract of insurance;
realize or take in rent the property previously acquired by the insurer for its own needs or incoming at his disposal in the result of the performance of the contract of insurance;
receive ratings of rating organizations of the Republic of Uzbekistan and foreign rating organizations;
ensure confidentiality of information obtained in the course of insurance activities in accordance with the requirements of the law;
make all necessary calculations and payments of insurance compensation (insurance amount), upon the occurrence of an insurance event within the time stipulated by law or an insurance (reinsurance) agreement;
bring information about this to the attention of the insured in accordance with the procedure established by this Law, in case of change of company name, organizational and legal form or location;
involve actuarial organization for the provision of actuarial services in accordance with the procedure established by a specially authorized state body not less one times in the year;
publish annual financial statements in the form, in the manner and terms established by a specially authorized state body;
keep accounting records, prepare financial, statistical, tax and other reporting in the manner prescribed by law.
The insurer may be held other obligations in accordance with the legislation and concluded their contracts.
Insurance broker is a legal person performing the activity of the organization the conclusion and execution of the contract of insurance on behalf and on instruction of the insured.
The activities of the insurance broker are not can be combined with other types of activities in the field of insurance, for the exception of the activities of the reinsurance broker.
The insurance broker provides services on the basis of an agreement concluded between him / her and the insured.
Reinsurance broker is a legal person performing the activity of the organization the conclusion and execution of the contract of reinsurance on its behalf and on instruction of the insurer who is participant as the insured according to th of the contract of reinsurance.
The reinsurance broker provides services on the basis of an agreement concluded between him / her and the insured.
receive from the insurer information about the availability of a license, the size of the authorized capital, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;
Insurance and reinsurance brokers may have other rights in accordance with the legislation and concluded their contracts.
provide complete, reliable and objective information on the conclusion and execution of an insurance (reinsurance) agreement at the request of customers;
in case of a change in the company name, legal form and (or) location, notify the specially authorized state body and the insured about this;
keep accounting records, prepare financial, statistical, tax and other reporting in the manner prescribed by law;
Insurance and reinsurance brokers may carry and other obligations in accordance with the legislation and contracts they concluded.
Insurance agent is a legal or physical person exercising the activity of the organization of the conclusion and execution of the contract of insurance on behalf and on instruction of the insurer.
The insurance agent carries out its activities on the basis of assignment agreements concluded with insurers (agency agreements).
The insurance agent can carry out its activities only after entering it in the register of the insurer with which it concluded an assignment agreement (agency agreement).
conclude the insurance contracts by insurance agent on behalf of insurers, does not have a license to exercise the relevant type of insurance;
mediatory activity of insurance agent for insurance in the territory of the Republic of Uzbekistan connected with the conclusion of contracts of insurance on behalf of foreign insurance companies, not registered in the prescribed manner on the territory of the Republic of Uzbekistan, if the international treaties of the Republic of Uzbekistan does not provide otherwise.
Insurance agent — a physical person does not have the right to write documents on contracts of insurance on their name, and if the payments are in cash money — on the name of close relatives (father, mother, wife, husband, son, daughter, sister and brother), as well as enter into contracts of insurance in his favor, and to act as an insurance agent for this contract of insurance.
carry out the mediation activity for any type of insurance, as well as compulsory insurance in the limits of the powers granted by the insurer;
provide the necessary assistance during the evaluation of the insurance risk accepting on insurance, on the performing of insurance payments at the occurrence of the insurance event and to pay the insured an insurance premium in full amount and in terms specified in the contract of insurance;
receive from the insurer information about the availability of a license, the size of the authorized capital, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;
collect from publicly available sources, without interfering with the policyholder’s privacy, information about the risk and the insured in order to provide the insurer with more complete information about the risks taken from the insured.
Insurance agent may have and other rights in accordance with the legislation and concluded their contracts.
facilitate the timely formalization of documents at the conclusion of the contract of insurance and the payment of insurance compensation (insurance amount);
have the information on insurance tariffs, insurance conditions offered by insurers, on the availability of a license, the size of the authorized capital, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;
have the necessary information about the insurer at the formalization of the contract of insurance, offer the insurer conducting specific activities aimed at the reduction of the insurance risk and decrease the probability of occurrence of the insurance event;
keep records of concluded contracts of insurance and received the amounts of insurance premiums on the established form;
ensure timely receipt by the insurer of information relating to significant changes in the conditions of risk in during the period of action of the contract of insurance, as well as the timely exchange of information between the insurer and the insured during the event and in the process of the settlement of insurance claims;
organize the implementation of insurance payments on behalf of and at the expense of the insurer, if there is an appropriate agreement.
An insurance agent can bear other obligations in accordance with the legislation and contracts they concluded.
Adjuster is a legal person having the relevant professionals in its staff or physical person having professional knowledge and skills, who provide the following services on behalf of the insurer (the insured) and other client:
if there is an insurance event — the establishment of the degree of damage and the amount of damage arising from the insurance event;
Adjuster performs its operation in accordance with a contract signed with an insurer (insured) and other client.
Results of provision of the adjuster services are made in the form of a report, which can be used by the insurer at the compensation of losses and the settlement of disputes.
The conclusions contained in the report of adjuster may be reviewed in the process of an independent insurance expertise.
freely choose the insurer (the insured), and other customers who will be provided with adjusting services;
request and receive the necessary information from the insurer (the insured) and other customers to study the insurance event;
draw up an act about a visual inspection of the object of insurance (if necessary - with the use of technical means);
request and receive the relevant information and documents necessary to determine the causes and circumstances of the occurrence of the insurance event, as well as the amount of insurance compensation (insurance amount) from law enforcement agencies, courts, medical, seismological, veterinary, hydrometeorological and other organizations in the prescribed manner.
Adjusters can bear other obligations in accordance with the legislation and contracts they concluded.
conducting of the calculations of the mathematical probability of occurrence of the insurance event, the definition of the frequency and degree of severity of the consequences of causing damage both to the individual risk groups, so and in the whole of the insurance;
mathematical justification and calculation of the necessary insurance reserves and funds of the insurer, development of methods for their formation;
determination of the relationship between the capital investment rate and the net rate when the insurer uses the contributions collected as investments, which helps to reduce tariff rates by the amount of investment income;
substantiation of the necessary expenses for the organization of the insurance process and calculation of the cost of insurance services;
setting tariff rates for each type of insurance (reinsurance), taking into account the long-term and short-term nature of their implementation for insurers;
evaluation of the results of the investment activity of an insurer from using actuarial calculations;
An actuarial organization can only provide actuarial services in accordance with a contract for a fee.
An actuary is an individual who has received the actuary's qualification certificate in the manner prescribed by a specially authorized state body, and which is a member of the actuarial organization or has entered into a civil contract with the actuarial organization.
The actuary has to actuarial organization responsible for the damage caused in the result of poor-quality provision of actuarial services, disclosure of commercial or other protected by law secrets and other actions, which caused losses to the actuarial organization.
The conclusions contained in the report of the actuary, may be reviewed in the process of an independent insurance expertise.
refuse to provide actuarial services in case of failure to provide the insurer and other customers with the information necessary to draw up an actuarial opinion;
involve in the prescribed manner to participate in the provision of actuarial services of other actuarial organizations and other specialists.
Actuarial Organization may have other rights in accordance with the legislation and contracts they concluded.
reflect in the actuarial report the facts of deficiencies in actuarial calculations and proposals for their elimination.
Actuarial organization may bear other obligations in accordance with the legislation and concluded their contracts.
An insurance surveyor is a legal entity that has the relevant specialists in its staff, or an individual with professional knowledge and skills, providing services in:
inspection and check of the insurance (reinsurance) object prior to conclusion of the insurance (reinsurance) contract;
conducting an analysis of all facts and risk circumstances, determining the degree of risk before concluding an insurance (reinsurance) contract;
The order of work of specialists (experts) authorized to conduct an insurance examination is determined by an insurance surveyor.
The insurance surveyor carries out its activities in accordance with the contract concluded with the insurer (the insured).
Based on the results of the work of the insurance surveyor, a report is provided that can be used by the insurer (the insured) when concluding an insurance (reinsurance) contract.
The conclusions contained in the report of the insurance surveyor may be revised in the process of an independent insurance expertise.
request and receive the necessary information from the insured (insurer) to study the insurance object;
request and obtain the necessary information from the bodies of state power and administration, other organizations whose work concerns the objects of insurance.
Insurance surveyor may have other rights in accordance with the legislation and concluded their contracts.
Insurance surveyor may bear other obligations in accordance with the legislation and contracts they concluded.
Assistance is a legal or physical person providing services in the framework of the contract of insurance, technical, medical and other services to the insured (beneficiaries) and insurers, as well as providing them financial assistance.
refuse to provide assistance services in case of failure by the insurer to provide all the information necessary for the provision of assistance services;
to attract, in the established manner, the assistance of relevant specialists to participate in the provision of services.
organize non-stop receiving messages from the insured of insurance events (insurance cases), and provide the insured need assistance in the framework of a contract of insurance on the basis of the presented insurance policy;
Assistance can carry other obligations in accordance with the legislation and contracts they concluded.
Regulation and supervision of insurance activities are carried out by a specially authorized state body determined by the Cabinet of Ministers of the Republic of Uzbekistan.
sets required for performance standards solvency and order of their determination method of calculating the maximum allowable size obligations insurers of certain risks and aggregate size obligations, order and timing of information on the solvency of insurers;
controls the compliance by professional participants of the insurance market with legislation on insurance activities, ensuring the established solvency standards and other requirements for their financial stability;
establishes the order and conditions of formation and placement of insurance reserves of insurers, as well as the procedure for doing their accounting and preparation of reporting on them for except the order of matching the placement of insurance reserves in government securities of foreign states;
establishes qualification requirements, imposed by the head and chief accountant of the insurer, the insurance broker and their separate subdivisions;
establishes the form of financial statements provided by insurers and the annual financial statements published by them, as well as the procedure and terms for its submission and publication;
inspects the activities of professional participants of the insurance market in accordance with legislation and includes instructions binding on them to address identified deficiencies;
in the established order imposes a fine in the amount of up to 0.1 per cent from the minimum size of the authorized fund of the insurer for violation of the insurer of the legislation on insurance activity, in that those established economic standards.
suspends in the manner prescribed by law, the licenses of insurers and insurance brokers in full or in relation to certain types (classes) of insurance, and also applies to the court for the termination of their validity;
applies in relation to insurers and insurance intermediaries measures and sanctions in accordance with the law, in case of detection of violations of the law on counteraction to legalization of proceeds derived from criminal activities, the financing of terrorism and the financing of proliferation of weapons of mass destruction;
publishes in within six months of the end of each financial year, the annual reports on the activities of regulation and supervision of insurance activities, as well as statistical data on the activity of the insurance market in during the financial year;
establishes the procedure and conditions for the implementation by insurers of investment activities, as well as their financing of measures to prevent the occurrence of insurance events, with the exception of the procedure for coordinating the list of preventive measures financed from the reserve of preventive measures of the insurer;
develops and approves training programs and the procedure for passing qualification exams to obtain the actuary’s qualification certificate, conducts a qualification exam for the right to receive the specified certificate;
in the established order outputs, terminates the action and cancels qualification certificate actuary leads register actuary, having qualification certificate;
requests from the professional participants of the insurance market established by the legislation of the information;
Specially authorized state body and its employees are not entitled to participate in the authorized fund and in the bodies of management of professional participants of the insurance market, and also act in an insurance intermediary, for the exception of participation in the authorized fund and in the bodies of management of the joint-stock company “Uzagrosugurta”, joint-stock company “Insurance company Kafolat” and the National company of export-import insurance “Uzbekinvest”.
Insurers and insurance brokers, as well as other professional participants of the insurance market, which are legal entities, are formed in the legal forms provided for by legislative acts.
State registration of insurers and insurance brokers is carried out by the Ministry of Justice of the Republic of Uzbekistan in the manner established by the Cabinet of Ministers of the Republic of Uzbekistan, and state registration of other professional participants of the insurance market is carried out in the manner prescribed by law.
Reinsurance brokers, adjusters, actuarial organizations, insurance surveyors, assistance in week term after the state registration notify about this specially authorized state body in writen form.
Not less than ninety per cent of the authorized fund of an insurer shall be formed from cash funds of the founders (participants).
The use for the formation of the authorized fund of the insurer of funds received on credit, on bail, and other borrowed funds is not allowed.
The initial authorized fund of the insurer must be formed by the founders at the time of obtaining the license and can not be less than the minimum size of the authorized fund established by law.
The company name of insurers and insurance brokers does not allow the use of designations that are identical or similar to the extent of its mixing with the company name of previously formed insurers and insurance brokers, with the exception of the names of affiliates of insurers and insurance brokers, as well as the company names of insurers and insurance brokers formed by other insurers in the form of a unitary enterprise.
In case of change of company name, organizational and legal form or location of the insurer is required to bring about this to the attention of insurers through the means of mass information, and for existing in it in the performance of contracts of insurance with a term of more than one year - in written form.
Insurance activities of insurers and insurance brokers are carried out on the basis of licenses issued by a specially authorized state body in the manner established by the Cabinet of Ministers of the Republic of Uzbekistan.
A license is issued to the insurer for carrying out insurance activities either in the life insurance industry, or in the general insurance industry, or only for reinsurance. An insurer engaged in insurance activities in the life insurance industry is not entitled to carry out insurance activities in the general insurance industry, with the exception of certain types (classes) of the general insurance industry, determined by the Cabinet of Ministers of the Republic of Uzbekistan. An insurer carrying out insurance activities in the general insurance industry is not entitled to carry out insurance activities in the life insurance industry. An insurer carrying out insurance activities only for reinsurance is not entitled to conclude insurance contracts.
Suspension of action of the license of the insurer shall entail a ban on the conclusion of their new contracts of insurance, including the extension of existing contracts of insurance. In this case this insurer is obliged to fulfill in the established order adopted on himself obligations on previously concluded contracts of insurance.
From the day the termination of action of the license in within five days of specially authorized state body is obliged to apply to the court with a statement of liquidation of the insurer in established order by legislation.
The powers of the previously existing governing bodies of the insurer are suspended and transferred to the temporary administration of the insurer, appointed by a specially authorized state body. The temporary administration shall carry out its activities in the period until the court makes a decision.
The report of the temporary administration of the insurer is submitted to the specially authorized state body and the court to which the statement of the specially authorized state body on the liquidation of the insurer was sent.
In the period of its activity the temporary administration of the insurer is not entitled to carry expenditure operations, for exception of cases relating to the expenditure of management (administrative expenditure) of the insurer, enrolling incoming money to insurer and payment of insurance compensation (insurance amount) on the previously concluded contracts of insurance, in case of insurance events.
The operating procedure of the temporary administration of the insurer is determined by a specially authorized state body.
The provisions of this article do not apply to cases of termination of a license at the request of the insurer, as well as during its reorganization or liquidation by decision of its founders (participants) or the governing body of the insurer authorized by the constituent documents.
Reorganization of insurers in the form of merger, joining, division, separation, transformation can be carried out with the permission of specially authorized state body issued in the order, established by the Cabinet of Ministers of the Republic of Uzbekistan.
In order to obtain permission for reorganization, together with the relevant application, the insurer shall submit the following documents to the specially authorized state body:
the decision of the founders (participants) or the governing body of the insurer authorized by the constituent documents on the reorganization;
Statement on the conduct of reorganization of insurers should be considered specially authorized state body in the within fifteen days from the date of submission of required documents.
A specially authorized state body is obliged to notify the insurer in writing of the decision taken.
A specially authorized state body has the right to refuse to issue a permit for the reorganization of insurers in cases where:
as a result of the reorganization of insurers, the requirements for their financial stability may be violated;
implementation of the reorganization of the insurers may lead to the restriction or elimination of competition in the insurance market;
the submitted documents for issuing permits for the reorganization of insurers contain inaccurate information or these documents do not comply with the law;
When re-examination of the application to conduct the reorganization of insurers are not allowed to refuse in carrying out the reorganization of insurers on new grounds, previously not indicated in the notice of refusal in carrying out this reorganization.
Upon reorganization in the form of division and separation, the license of the insurer (s) is terminated. Issuance of the license re-formed in the result of reorganization of insurers is carried out in the order established by the legislation. At the time of reorganization in the form of devision and separation, and until the moment of obtaining the license by newly formed insurers are not entitled to enter into new contracts of insurance, to extend existing contracts of insurance, for the exception of execution taken on himself obligations on previously concluded contracts of insurance, have passed to them in the order of succession.
In case of reorganization in the form of joining, the insurer, to which another insurer joins, retains the current license in case if the conditions of the license do not change as a result of the merger.
In case of reorganization in the form of a merger, re-issuance of the license is allowed if the reorganized insurers have a license on the date of state registration of the newly arising insurer.
The claims of creditors of a liquidated insurer after payment of expenses associated with liquidation proceedings, as well as expenses arising from the need to ensure the basic functions of a liquidated insurer, are satisfied in the following order:
in the first place — the requirements of insurers for contracts of compulsory insurance in the sector of insurance of life;
in the fourth place — requirements for payment (execution) documents providing for payments to the budget, to extra-budgetary funds. After complete satisfaction of the specified requirements, the requirements for social insurance and the requirements of citizens for compensation for damage caused to their property by a crime or an administrative offense are satisfied;
To ensure the implementation of accepted insurance obligations insurers from paid both in soums, so and in foreign currency insurance premiums shall form and put insurance reserves in the manner and on terms established by law.
Insurers do not can take on itself the obligation, exceeding the maximum allowable size of individual risks and the maximum allowable cumulative size of obligations, for except in cases where their ability to perform these obligations reinsured in accordance with established standards of solvency and other requirements of financial stability. Insurers has the right to reinsure their liabilities for the outside of the Republic of Uzbekistan in the set order.
Insurers, insurance brokers and reinsurance brokers maintain accounting records in accordance with the law, taking into account the features established by a specially authorized state body.
Activities aimed at limiting or eliminating competition in the insurance market, providing or obtaining unreasonable advantages of some insurers over others, infringement of the rights and legitimate interests of the insured and other persons are not allowed.
Professional participants in the insurance market are prohibited from using their associations (unions) and other associations to reach agreements aimed at monopolizing the insurance market.
Law enforcement agencies, courts, medical, seismological, veterinary, hydrometeorological and other organizations are required to provide relevant information and documents necessary to determine the causes and circumstances of the occurrence of insurance events, as well as the amount of insurance compensation (insurance amount) by the insurer and adjuster upon request of insurers and adjusters.
Specially authorized state body has the right to demand information from the professional participants of the insurance market of the size of the received cash funds and commitments, as well as other information in the limits of its competence. Request such information should be made in written form with indication of the reasons for the request.
Specially authorized state body is obliged to observe the confidentiality of respect to received their information, except in cases when the disclosure of information is permitted in accordance with the law.
The information about the insured, the insured persons and beneficiaries, the state of health of the insured and insured persons, insured property, the insurance amount, the presence of bank accounts of the balances and movement of money on these accounts mustnot be disclosured.
General conditions for conducting insurance activities, a list of proposed insurance transactions and operations, insurance rates, types and terms of insurance are public information and may not be the subject of insurance secret.
The information specified in the first part of this article may be disclosed to third parties on the basis of the written consent of the insured, as well as the insured persons and beneficiaries in relation to information relating to them.
Inquiries about the data, related to the compulsory insurance of civil liability of owners of transport means, are submitted insurers in the established order without obtaining the consent of the insurers to the Fund to guarantee payments on obligatory insurance of civil liability of owners of transport vehicles.
Inquiries about the data, specified in the part first of this article, are submitted by insurers in the established order without obtaining the consent of the insured to the court, the prosecutor, and at the presence of the excited criminal case - bodies of inquiry and investigation, if there is entered into legal force of the decision of the court of appeal of recovery or the imposition of arrest on property of the insured - to state executors.
Inquiries about the data, specified in the part first of this article, for the exception of information about the state of health of the insured and insured persons, the availability of bank accounts of the balances and movement of money on these accounts, are submitted by insurers in the established order without obtaining the consent of the insured to relevant bodies of state administration, performing control over the execution of the insured established by the legislation the obligations of compulsory insurance.
Inquiries about the concluded contracts of insurance and made the calculations in the case of death of the insured - natural person shall be submitted:
court and notary public — on hereditary cases located in their procedings on the basis of the decision of the court or the written request of a notary, certified by its stamp. A copy of the death certificate of the insured must be attached to the written request of the notary;
Insurers and insurance brokers submit information on operations associated with monetary funds or other property, which associated with fighting to the legalization of income derived from criminal activities, the financing of terrorism and the financing of proliferation of weapons of mass destruction in a specially authorized state body in cases and order stipulated by the legislation.
Information about the concluded contracts of insurance is submitted to the credit bureau in accordance with the procedure established by law.
Foreign insurance organizations may act as founders (participants) of legal entities - professional participants of the insurance market in the manner prescribed by law.
Implementation of foreign insurance organizations of insurance on the territory of the Republic of Uzbekistan is not allowed.