RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 29, 1997 No. 3001

About transformation of the State insurance commercial organization of Turkmenistan

1. Transform the State insurance commercial organization of Turkmenistan.

Determine that the State insurance company of Turkmenistan is legal successor of the State insurance commercial organization of Turkmenistan and completely answers for its obligations.

2. The state insurance company of Turkmenistan performs the activities on the principles of complete cost accounting and self-financing and has in the maintaining the state insurance companies in welayats, etraps and the cities.

3. Determine that insurance, the amounts and insurance indemnities paid by the State insurance company of Turkmenistan are not subject to taxation and charges, the state fee is not collected from these amounts.

The amounts of insurance payments and insurance indemnities under agreements of voluntary insurance created at the expense of means of the employer and also expenses of physical persons on personal insurance do not join in the comprehensive taxable income.

The state insurance company of Turkmenistan is exempted from payment of the state fee on all cases connected with transactions of the national compulsory and voluntary insurance.

4. Approve the enclosed Regulations on the State insurance company of Turkmenistan.

5. Declare invalid the resolution of the President of Turkmenistan of August 18, 1992 No. 868 "About creation of the State insurance commercial organization of Turkmenistan".

 

Approved by the resolution of the President of Turkmenistan of January 29, 1997 No. 3001

Regulations on the State insurance company of Turkmenistan

1. The state insurance company of Turkmenistan (Turkmengosstrakh hereinafter is referred to as further) is the executive body providing carrying out state policy in the sphere of insurance and performs the activities in interaction with state bodies, the companies, organizations and the organizations.

Turkmengosstrakh solves the problems assigned to it directly and through the state insurance companies in welayats, etraps and the cities.

2. Turkmengosstrakh in the activities is guided by the Constitution of Turkmenistan, the laws of Turkmenistan and other acts of Majlis of Turkmenistan, acts of the President of Turkmenistan, decisions of the Cabinet of Ministers of Turkmenistan and this Provision.

3. The main objectives of Turkmengosstrakh are:

participation in development of the state insurance policy and realization of this policy;

ensuring valuable and other interests of legal entities and physical persons with insurance protection;

organization and enhancement of insurance case in Turkmenistan.

4. Turkmengosstrakh according to the tasks assigned to it performs the following functions:

periodically reports on the Cabinet of Ministers of Turkmenistan on accomplishment of the plan of receipts of insurance payments, carrying out the national compulsory insurance, development of voluntary property and personal insurance, work condition on payment of insurance indemnity and insurance sums, the elicited facts of ownerless content of insured property;

prepares offers on enhancement of insurance policy of Turkmenistan, and also drafts of legal and other legal acts on insurance case;

performs the state obligatory and voluntary types of insurance (personal, property, liability insurance), reinsurance and joint insurance;

develops rules, instructions and methodical instructions for the state obligatory and voluntary types of insurance transactions;

promotes implementation of new types of insurance and develops suggestions for improvement of insurance case;

creates and places insurance reserves;

performs broker activities for insurance;

finances precautionary actions for decrease in probability of approach of insured events;

carries out assessment of risk degree and survey of the damaged property;

establishes nature, the reasons and the size of the suffered loss;

will organize the accounting and statistical recording according to legal acts of Turkmenistan;

develops the regulating and methodical documents regulating activities of the state insurance companies in welayats, etraps and the cities;

controls activities of the state insurance companies in welayats, etraps and the cities on ensuring receipt from them of insurance payments in centralized insurance fund of Turkmengosstrakh;

performs transactions with securities and papers, them replacing (including with state);

carries out investing activities of temporarily free insurance reserves;

performs cooperation and interaction with insurance companies of other states, and also the international organizations dealing with insurance issues;

provides timely and complete examination of claims and appeals of legal entities and physical persons, takes measures for elimination of the reasons generating infringement of their rights and interests;

provides within the competence publication of legal acts on insurance case;

performs promotion activities and other activities which are directly connected with insurance.

5. According to the tasks assigned to it Turkmengosstrakh has the right:

carry out the state obligatory types of insurance according to legal acts of Turkmenistan, and also voluntary types of insurance on the basis of the agreements signed with insurers;

enforce payments on the state obligatory types of insurance according to the procedure, established for tax collection and non-tax payments in the budget;

establish insurance rates on voluntary types of insurance;

enter risk types of insurance;

make changes and additions to the existing rules, instructions and methodical instructions for the state obligatory and voluntary types of insurance transactions;

sign contracts by all types of property and personal insurance, liability insurance of reinsurance and joint insurance with legal entities and physical persons of Turkmenistan and other states and to make on them calculations, both in national, and in foreign currency;

establish procedure for registration and accounting of insurance transactions;

make in the territory of Turkmenistan, and also abroad the legal acts necessary for implementation of insurance activity and not contradicting legal acts of Turkmenistan and this Provision;

accept and sell the property which remained after payments for insured event, and also recover and replace it in parts or in full instead of payment in cash of the amounts of insurance indemnity;

hold precautionary events for insured objects and create the relevant funds;

create insurance reserves on unliquidated losses and other reserves and funds necessary for ensuring financial stability of insurance transactions;

issue loans to the insurers who signed insurance contracts;

invest insurance reserves and own means for:

a) acquisitions of personal and real estate, securities, certificates of banks and share deposits in various societies and the companies;

b) obtaining as the builder or the lessee of the parcels of land for construction;

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