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LAW OF THE REPUBLIC OF UZBEKISTAN

of November 23, 2021 No. ZRU-730

About insurance activity

Accepted by Legislative house on June 15, 2021

Approved by the Senate on August 27, 2021

Chapter 1. General provisions

Article 1. Purpose and scope of this Law

The purpose of this Law is regulation of the relations in the field of insurance activity.

This Law does not extend to the relations connected with the national social insurance and national health insurance.

Article 2. Legislation on insurance activity

The legislation on insurance activity consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about insurance activity then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

separate division - branch of the insurer (insurance broker) in the Republic of Karakalpakstan, areas and the city of Tashkent;

insurance - the relations on protection of interests of physical persons and legal entities connected with covering of the caused damage, the organization and use of trust cash funds for payment of compensations and other payments in case of approach of certain event (case);

insurance premium - the part of insurance premium paid in national or foreign currency to terms, the sizes and conditions provided by the insurance contract;

insurance premium - the payment for insurance paid by the insurer to the insurer in national or foreign currency according to the procedure and the terms caused in the insurance contract;

insurance sum - certain amount within which the insurer shall pay insurance indemnity (insurance payment) for the insurance contract;

insurance risk - expected event on which case of approach insurance is led;

insurance rate - the rate of insurance premium from unit of insurance sum determined taking into account object of insurance and nature of insurance risk and also in accordance with the terms of insurance;

insurance indemnity (insurance payment) - the cash amount paid to the insurer, insured person (beneficiary) in case of loss occurrence, provided by the insurance contract, within insurance sum for each insured person;

type of insurance - the specific insurance service developed and provided by insurance company within one or several classes of insurance;

insurance activity - the activities of professional participants of the insurance market connected with implementation of insurance and reinsurance;

insurance value - property value, transferred to insurance, determined by the agreement of the parties in case of the conclusion of the insurance contract if other is not stipulated by the legislation;

the franchize - the part of losses of the insurer which is not compensated by the insurer according to the insurance contract;

reinsurance - complete or partial insurance by the insurer (overcautious person) of the risk of payment of insurance indemnity (insurance payment) accepted according to the insurance contract according to the agreement of reinsurance signed with other insurer (overcautious person);

the overcautious person - the insurance or reinsurance organization accepting insurance risks on reinsurance from other insurance company;

the agreement of reinsurance - the agreement according to which the insurer gives everything or part of the agreement obligations of insurance to the overcautious person.

Article 4. Insurance activity of nonresidents in the territory of the Republic of Uzbekistan

Nonresidents of the Republic of Uzbekistan can act as founders (participants) of legal entities - professional participants of the insurance market in the territory of the Republic of Uzbekistan.

Insurance of the valuable interests of the legal entity who is resident of the Republic of Uzbekistan located in the territory of the Republic of Uzbekistan is performed only by insurance company - resident of the Republic of Uzbekistan, except as specified, stipulated by the legislation.

Article 5. Cross-border insurance and reinsurance

The insurance connected with implementation by insurance company of activities for the conclusion and execution of insurance contracts in the territory of other state is cross-border.

Transfer by the insurance (reinsurance) organization of the insurance risks accepted by it to reinsurance is performed taking into account requirements to procedure of payments of prudential standard rates.

Intermediary activities for the conclusion of the insurance contract on behalf of insurance company - the nonresident of the Republic of Uzbekistan, except for the insurance contract of the civil responsibility of owners of the vehicles leaving the Republic of Uzbekistan in the territory of the Republic of Uzbekistan are not allowed if international treaties of the Republic of Uzbekistan do not provide other.

In the territory of the Republic of Uzbekistan on behalf of insurance company - the nonresident of the Republic of Uzbekistan of insurance contracts of the civil responsibility of owners of the vehicles leaving the Republic of Uzbekistan insurers - the residents of the Republic of Uzbekistan having the license of the Agency on development of the insurance market under the Ministry of Finance of the Republic of Uzbekistan (further - authorized state body) with indication of the corresponding class of insurance can perform intermediary activities for the conclusion.

Chapter 2. Organization of insurance activity

Article 6. Industries and types (classes) of insurance

Insurance is subdivided into the following industries:

life insurance (insurance of the interests connected with life, health, working capacity and cash cover of physical persons where the minimum term of insurance under the agreement constitutes one year and includes one-time or periodical payments of the insurance sums comprising the increased percent stipulated by the insurance contract (annuities);

general insurance (the personal, property insurance, liability insurance and other types of insurance which are not relating to life insurance industry).

According to general characteristics of insurance risks or their groups and the related obligations of industry of insurance are subdivided into types (classes) of insurance. Types (classes) of insurance are determined by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 7. Insurance forms

Insurance is performed in forms of voluntary and compulsory insurance.

Voluntary insurance is performed based on the agreement and rules of insurance determining general terms and procedure for its implementation.

In the agreement of voluntary insurance the essential conditions of insurance reflecting the basic concepts of rules of insurance shall be specified.

Conditions and procedure of compulsory insurance are determined by the laws of the Republic of Uzbekistan on specific types of compulsory insurance.

Article 8. Insurance activity of the insurer on reinsurance

Activities for implementation only of reinsurance in the territory of the Republic of Uzbekistan are subject to licensing according to the procedure, stipulated by the legislation.

The insurance company can perform reinsurance and acceptance of insurance risks on reinsurance by types (classes) of insurance activity according to the obtained license for implementation of insurance activity with observance of the prudential standard rates established by the legislation without receipt of the license on reinsurance.

The reinsurance organization performing reinsurance as exclusive type of activity based on the license on the reinsurance having the right to perform reinsurance on all classes of insurance in industries "life insurance" and "general insurance".

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