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Ministry of Justice

Republic of Tajikistan

On July 28, 2016 No. 87

LAW OF THE REPUBLIC OF TAJIKISTAN

of July 23, 2016 No. 1349

About insurance activity

Accepted by the Resolution MH MOPT of May 27, 2016, No. 457

Approved by the Resolution MM MORT of July 15, 2016, No. 276

(In edition of the Law of the Republic of Tajikistan of 02.01.2018 No. 1487)

This Law establishes legal, economic and organizational basis of insurance activity and is aimed at providing protection of valuable interests of physical persons and legal entities in case of insured events.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- insurance activity - the activities of the insurance (reinsurance) organization connected with the conclusion and execution of insurance contracts (reinsurance), performed based on the license of body of insurance supervision according to requirements of the legislation of the Republic of Tajikistan;

- body of insurance supervision - the National Bank of Tajikistan performing functions on regulation and supervision in the sphere of insurance activity;

- insurance - the relations on protection of legitimate valuable interests of physical persons and legal entities in case of approach of certain insured events at the expense of the cash funds created by insurance companies of the paid insurance premiums (insurance premiums) and also at the expense of other means of insurance companies;

- object of insurance - the valuable and private non-property interests of the insurer which are not contradicting the legislation of the Republic of Tajikistan provided in the insurance contract;

- professional participants of the insurance market - the insurance (reinsurance) organizations, insurance broker, the actuarial and adzhastersky organizations, the insurance surveyor performing activities based on the license of body of insurance supervision;

- compulsory national insurance - the insurance financed by the government budget;

- general insurance - personal, property insurance, insurance grazhdansko - legal responsibility and other types of insurance which are not relating to life insurance industry;

- life insurance - the type of insurance providing implementation of insurance payment in cases of death of insured person or in the period of his life, before the termination of term of insurance, or specified in the insurance contract of age;

- insurance to approach of certain event in life - the type of accumulative insurance providing implementation of insurance payment in the determined sum in cases of approach of in advance stipulated event of lives (weddings or the child's births) insured person;

- accident insurance - the type of insurance providing implementation of insurance payment in the determined sum and (or) in the amount of partial or total compensation of insured expenses in cases of death, occupational disease, partial or full disablement or damnification to health of insured person as a result of accident;

- sickness insurance - the type of insurance providing implementation of insurance payment in the determined sum and (or) in the amount of partial or total compensation of expenses of insured person in connection with disease or other disorder of health;

- insurance of vehicles - the type of insurance providing implementation of insurance payment in the amount of partial or total compensation of damage caused to the valuable interests of person connected with ownership, use, the order of the vehicle including theft or stealing and also owing to harm, damage or its destruction;

- cargo insurance - the type of insurance providing implementation in the amount of partial or total compensation of insurance indemnities of damage caused to the valuable interests of person connected with ownership, use, the order of freight, including baggage, goods and all other types of products owing to their damage, destruction, loss, irrespective of transportation method;

- proprietary insurance - the type of insurance providing implementation of insurance indemnities in the amount of partial or total compensation of damage caused to the valuable interests of person connected with ownership, use, the order of property owing to its damage, destruction or theft;

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