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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".

 

President of Turkmenistan

Saparmurat Turkmenbashi

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);

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