RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 23, 2025 No. PP-191

About measures for further enhancement of system of reinsurance in the country

For the purpose of further increase in amount of the national market of reinsurance, the balanced distribution of risks, I decide strengthenings of protection of the rights of insurers and further enhancement of system of reinsurance:

I. Purposes

1. Determine main objectives of further enhancement of system of reinsurance for 2025:

(a) bringing amount of the national market of reinsurance to 4 trillion sum;

(b) increase in export of services of reinsurance at least for 30 percent;

(c) expansion of international cooperation and increase in the volume of investment, attracted to the sphere of reinsurance, to 150,0 of one billion sum.

II. Creation of the National reinsurance company

2. Agree with the offer of the National agency of perspective projects (further - the Agency), the Ministry of Economics and finance about creation of the national reinsurance organization of "O" of zbekiston qayta sug of "urta kompaniyasi" (further - the Company) and determination by the main directions it activities:

(a) implementation of all types of reinsurance according to the legislation on insurance activity;

(b) ensuring complex reinsurance protection of direct and portfolio investments, risks in case of implementation of investment projects of foreign and local investors in republic economy;

(c) implementation of cooperation concerning reinsurance and carrying out reinsurance transactions with the insurance and reinsurance companies of foreign countries.

3. Determine that:

(a) The company is created in the form of joint-stock company and performs reinsurance activities according to the procedure, established by acts of the legislation;

(b) the authorized capital of the Company is created in the amount of at least 300 billion sum, from them fifty percent are constituted by the state share, fifty percent - share of private investors;

(c) The agency performs function of the shareholder on the state share in the Company.

4. Determine that:

(a) The agency at the expense of own means after creation of the Company contributes in a month five percent of the state share in the authorized capital of the Company, other part - quarterly equal shares within one year;

(b) The Ministry of Economics and finance is guarantor on insurance bonds of the company by not created part of the authorized capital of the company on behalf of the Government of the Republic of Uzbekistan.

III. Organization, ensuring execution of the resolution and control

5. To the agency together with the Ministry of Economics and finance in two-month time to bring in the Cabinet of Ministers:

(a) the draft of the order of the Government concerning the organization of activities of the Company;

(b) offers on the changes and amendments in acts of the legislation following from this resolution.

6. Make changes to Item 5 of the resolution of the President of the Republic of Uzbekistan of August 2, 2019 No. PP-4412 "About measures for reforming and ensuring the accelerated development of the insurance market of the Republic of Uzbekistan" according to appendix.

7. To impose control of execution of this resolution on the Prime Minister of the Republic of Uzbekistan A. N. Aripov

Appendix

to the Resolution of the President of the Republic of Uzbekistan of May 23, 2025 No. PP-191

The changes made to Item 5 of the resolution of the President of the Republic of Uzbekistan of August 2, 2019 No. PP-4412 "About measures for reforming and ensuring the accelerated development of the insurance market of the Republic of Uzbekistan"

1. The paragraph one to state in the following edition:

"5. Implement since September 1, 2025 procedure according to which before transfer of insurance bonds to reinsurance to foreign insurance companies reinsurers without participation of insurance intermediaries, and also safety (reinsurance) brokers shall direct offers (offers to sign contracts of reinsurance) on reinsurance to the reinsurance organizations created in case of establishment of authorized state body in subsequent (in case of refusal or the rest) - to the insurance companies having the right to perform reinsurance activities in the territory of the Republic of Uzbekistan. At the same time:".

2. To exclude from the paragraph of the sixth word "do not extend to obligatory reinsurance and".

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