ORDER OF THE DIRECTOR OF THE NATIONAL AGENCY OF PERSPECTIVE PROJECTS OF THE REPUBLIC OF UZBEKISTAN

of July 4, 2024 No. 7

About approval of the Regulations on features of structure of costs and forming of financial results by insurers

According to the Law of the Republic of Uzbekistan "About insurance activity" I order:

1. Approve Regulations on features of structure of costs and forming of financial results by insurers according to appendix No. 1

2. Recognize invalid some departmental regulatory legal acts according to appendix No. 2.

3. This order is approved with the Ministry of Economics and finance of the Republic of Uzbekistan, the Tax Committee under the Cabinet of Ministers of the Republic of Uzbekistan, the Comissioner for the President of the Republic of Uzbekistan on protection of the rights and legitimate interests of subjects of entrepreneurship and Chamber of Commerce and Industry of the Republic of Uzbekistan.

4. This order becomes effective from the date of its official publication.

Appendix No. 1

to the Order of the director of the National agency of perspective projects of the Republic of Uzbekistan of July 4, 2024 No. 7

Regulations on features of structure of costs and forming of financial results by insurers

This Provision determines structure of the costs included in production cost of insurance services and procedure for forming of financial results of activities of insurers or overcautious persons (further - the insurer) taking into account features of insurance activity.

Chapter 1. General provisions

1. Insurers during the forming of cost of insurance services and determination of financial results are guided by Regulations on structure of costs on production and sales of products (works, services) and about procedure for forming of financial results, the approved resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 1999 No. 54, taking into account features of the sphere of insurance.

2. Action of this provision extends to all insurers irrespective of patterns of ownership.

Chapter 2. Features of structure of costs and forming of financial results on insurance activity

3. The structure of costs of insurers is determined according to Regulations on structure of costs by production and sales of products (works, services) and about procedure for forming of financial results, the approved resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 1999 No. 54, at the same time enter into structure of cost of insurance services additional (specific) expenses:

benefits amount of insurance indemnities according to insurance contracts (joint insurance) and reinsurance (regarding the share relating to the insurer);

the expenses connected with settlement and payment for insured events;

the commission fees and bonuses added on transactions of reinsurance and commission fees of insurance agents.

4. The list of expenditure items and their classification for the purposes of managerial accounting shall be reflected in Accounting policy of the insurer in reporting year.

5. The structure of the income of insurers is determined according to Regulations on structure of costs by production and sales of products (works, services) and about procedure for forming of financial results, No. 54, at the same time the net revenue from realization of insurance services is determined by the approved resolution of the Cabinet of Ministers of the Republic of Uzbekistan of February 5, 1999 as:

total amount of awards on direct insurance and joint insurance (regarding the share of the insurer established in the agreement of joint insurance) less insurance premiums (fees) under the agreements transferred to reinsurance;

plus insurance premiums under the agreements accepted in reinsurance;

plus-minus the result of change of reserve of not earned premium (further - RNP) corrected on share of overcautious persons in RNP;

plus-minus the result of change of reserve of the declared, but not settled losses (further - RZU) corrected on share of overcautious persons in RZU;

plus-minus result of change of reserve occurred, but not claimed losses (further - the Russian Party of People's Administration), corrected on share of overcautious persons in the Russian Party of People's Administration;

plus-minus the result of change of reserve on life insurance (further - RZh) corrected on share of overcautious persons in RZh;

plus-minus the result of change of other technical reserves corrected on share of overcautious persons in the corresponding reserves;

plus the added commission and other fees for rendering intermediary services;

plus the income on compensations of share of losses on reinsurance;

plus the added commission fees under the agreements transferred to reinsurance;

plus remunerations for rendering services of the insurance surveyor and adzhaster (adzhastersky organization);

plus other income gained directly from rendering insurance services.

6. The income from financial activities of insurers the income from investing activities, including from investment of means of insurance reserves is also included.

Appendix No. 2

to the Order of the director of the National agency of perspective projects of the Republic of Uzbekistan of July 4, 2024 No. 7

The list of the departmental regulatory legal acts recognized invalid

1. The order of the Minister of Finance of the Republic of Uzbekistan of July 20, 2005 No. 65 "About approval of regulations on features of structure of costs and forming of financial results by insurers" (reg. No. 1517 of October 18, 2005) (Collection of the legislation of the Republic of Uzbekistan, 2005, Art. No. 41-42, 326).

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