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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 23, 2021 No. PP-5265

About additional measures for digitalization of the insurance market and development of the sphere of life insurance

For the purpose of ensuring the accelerated development of the national insurance market, increase in consumer confidence to the insurance market, and also execution of the tasks determined in the State program by strategy implementation of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 in "Year of support of youth and strengthening of health of the population":

1. Establish procedure according to which:

a) since July 1, 2022:

implementation of all types (classes) of insurance electronically is allowed;

insurance policies on all types of insurance are registered in the Single automated information system which is conducted by Agency on development of the insurance market under the Ministry of Finance together with Fund of guaranteeing insurance payments;

b) since January 1, 2023 practice of execution of insurance policies by all types of compulsory insurance on paper forms is cancelled.

2. Determine that:

during the period from January 1, 2022 to January 1, 2025 the established tax rate of the income tax charged on part of activities in the sphere of life insurance of the organizations performing activities in this sphere decreases by 50 percent;

during the period from January 1, 2022 to January 1, 2024 the means sent by employers to the legal entities having the license for implementation of insurance activity in the Republic of Uzbekistan, based on insurance contracts from accidents and by types of medical insurance, concluded for the workers, are not considered as comprehensive income of physical persons.

3. Take into consideration that based on the Tax code of the Republic of Uzbekistan the funds of physical persons allocated under the agreement of long-term insurance of life and also the insurance payment (insurance indemnity) paid on them, are not subject to the taxation.

4. And the Ministry of development of information technologies and communications till June 1, 2022 to provide to fund of guaranteeing insurance payments together with Agency on development of the insurance market under the Ministry of Finance implementation of the Single automated information system of registration and control of turnover of all insurance policies (further - the Unified information system) based on the Unified information system of obligatory civil liability insurance of owners of vehicles.

To agency on development of the insurance market under the Ministry of Finance, to the Ministry of development of information technologies and communications and Fund of guaranteeing insurance payments:

till April 1, 2022 together with the interested ministries and departments to develop and approve the specification on integration of the Unified information system with information systems of the ministries and departments with strict observance of the requirements determined by the legislation on the mystery of insurance;

till May 1, 2022 to adjust electronic information exchange in insurance field of the Unified information system with information systems of the interested ministries and departments, the central databases of physical persons and legal entities.

5. Determine that:

works on development of the Unified information system and creation of the infrastructure necessary for functioning of this system are financed by Fund of guaranteeing insurance payments;

execution of insurance contracts through the Unified information system is obligatory for insurance companies.

6. To the Ministry of Finance to develop offers and recommendations about the direction of government securities with binding to inflation for the purpose of investment by insurance companies of the means created at the expense of insurance premiums from voluntary pension insurance and types long-term (five years and more) life insurances.

At the same time to agree with the offer of the Ministry of Finance on release since July 1, 2022 of government securities with binding to inflation.

7. Approve "Road map" on development of the sphere of life insurance and types of personal insurance in the Republic of Uzbekistan in 2021 - 2023 according to appendix.

8. To the Ministry of Finance to adjust practice of experience exchange with The Foundation For The Advancement Of Life & Insurance Around The World (FALIA), Oriental Life Insurance Cultural Development Center (OLICD) of Japan and other international funds (associations) of life insurance of developed countries for preparation and retraining of national personnel in the sphere of life insurance, and also to implementation of the international experience in the republic.

9. To the agency of information and mass communications, National news agency of Uzbekistan and National broadcasting company of Uzbekistan to organize performances, subject programs and broadcastings on extended coverage of the purposes and tasks of this resolution in mass media.

10. Assign to the Minister of Finance T. A. Ishmetov the personal responsibility for the effective organization of execution of this resolution.

Discussion of course of execution of this resolution, implementation of coordination and control of activities of the departments responsible for its execution to assign to the deputy prime minister of the Republic of Uzbekistan D. A. Kuchkarov.

President of the Republic of Uzbekistan

Sh. Mirziyoev

 

Appendix

to the Resolution of the President of the Republic of Uzbekistan of October 23, 2021 No. PP-5265

"Road map" on development of the sphere of life insurance and types of personal insurance in the Republic of Uzbekistan in 2021 - 2023

Name of measures

Realization form

Realization terms

Responsible for execution

1.

Expansion of the Qualifier of insurance activity by inclusion of the following types of insurance:

a) life insurances for providing obligations, long-term voluntary pension insurance, life insurance with capital repayment - to the sphere of life insurance;

b) medical insurance - to the sphere of general insurance.

Regulatory legal act

May, 2022

Agency on development of the insurance market

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