RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of April 10, 2007 No. PP-618

About measures for further reforming and market development of insurance services

For the purpose of further forming of the competitive market of insurance services, development of modern types and improvement of quality of insurance activity, increase in level of capitalization and ensuring financial stability of insurers, expansion of their regional network, and also enhancement of methods of regulation of insurance:

1. Approve the Program of reforming and development of the insurance market of the Republic of Uzbekistan developed by the Ministry of Finance of the Republic of Uzbekistan jointly with insurance companies for 2007-2010 according to appendix No. 1, providing measures on:

to further enhancement legislative and regulatory framework of insurance, insurance activity and insurance supervision according to the international practice;

to expansion of amounts, range and improvement of quality of the rendered insurance services, especially in the sphere of insurance of business activity, import and export transactions, long-term insurance of life, including accumulative types of insurance;

in integration of the insurance market of the republic into the international insurance markets;

to enhancement of system of preparation, retraining and advanced training of workers of the sphere of insurance.

- contractors to provide to the Ministry of Finance of the Republic of Uzbekistan together with the ministries, departments and insurance companies unconditional and high-quality accomplishment at the scheduled time of the actions provided in the Program.

2. Approve Regulations on professional participants of the insurance market according to appendix No. 2.

To provide to the operating insurance companies (insurers) till January 1, 2008 reduction of the sizes of the authorized capital in compliance with the requirements established in the Regulations on professional participants of the insurance market approved by this resolution.

3. To the Ministry of Justice and the Ministry of Finance of the Republic of Uzbekistan till January 1, 2008 together with the State Tax Committee to take measures for the termination in accordance with the established procedure to activities and cancellation of licenses of the insurance organizations which are not meeting the requirements of the approved Regulations on professional participants of the insurance market.

4. To the Ministry of Economics, the Ministry of Finance, the Ministry of the higher and secondary vocational education of the Republic of Uzbekistan to make in the Cabinet of Ministers offers on creation in economic higher education institutions of the country of specialized groups, to expansion of the contingent and improvement of quality of training of highly qualified specialists of professional participants of the insurance market, regular increase in their qualification in a month.

5. Agree with the offer of the Ministry of Finance of the Republic of Uzbekistan and insurance companies of the republic on creation of Association of professional participants of the insurance market of Uzbekistan, with the following main activities:

studying of environment of the insurance market, development of offers on ensuring its bigger transparency, competition development, growth in volumes, expansion of range and to improvement of quality of insurance services;

rendering assistance to potential foreign investors in investment of means to the sphere of insurance of the Republic of Uzbekistan;

implementation of active explanatory work among the republic population concerning insurance;

enhancement of system of preparation and retraining of personnel for insurance, development of regulations of professional ethics for professional participants of the insurance market.

6. For stimulation of market development of insurance services and broad participation of legal entities and physical persons in insurance to determine that insurance premiums to long-term insurance of life are not assessed with tax.

7. To the Ministry of Justice of the Republic of Uzbekistan together with the Ministry of Finance, other interested ministries, departments to make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution in a month.

8. To impose control of execution of this resolution on the deputy prime minister of the Republic of Uzbekistan Azimov R. S.

Appendix No. 1

to the Resolution of the President of the Republic of Uzbekistan of April 10, 2007 No. PP-618

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