Insurance activity In the Republic of Uzbekistan Purpose of this Law

Insurance activity In the Republic of Uzbekistan

Purpose of this Law

The purpose of this Law is to regulate relations in the field of insurance.

Legislation on insurance activities

The legislation on insurance activities consists of this Law and other legislative acts .

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 and insurance activities

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.

Spheres and types (classes) of insurance

Insurance is divided into the following industries:

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.

Subjects of insurance activity

The subjects of insurance activity are professional participants in the insurance market.

Professional participants in the insurance market are insurers, insurance intermediaries, adjusters, actuaries, insurance surveyors, as well as assistance.

Insurance intermediaries are an insurance broker, a reinsurance broker and an insurance agent.

Licensing of insurance activities

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.

The license shall indicate the types (classes) of insurance that the insurer intends to carry out.

Prevention of monopolistic activities

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.