RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of June 9, 1997 No. 3192

About the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan

1. Approve the enclosed Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan.

2. The main state tax authorities of Turkmenistan, the Ministry of Economics and finance of Turkmenistan in coordination with the Ministry of Justice of Turkmenistan to develop the instruction for application of the Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan in a month.

Approved by the resolution of the President of Turkmenistan of June 9, 1997 No. 3192

Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan

1. This Provision determines the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan and extends on all legal entities of Turkmenistan and other states who are in the territory of Turkmenistan.

2. The Ministry of Economics and finance of Turkmenistan has the right to impose penalties from insurance companies (insurers, overcautious persons) and insurance brokers for the following violations:

for accomplishment of insurance, reinsurance and broker activity on insurance without license - in the amount of the received insurance payment (commission);

for implementation of the activities which are not connected with insurance - in the amount of the gained income;

for violations of the statutory rules connected with forming and placement of insurance reserves, unreasonable change of insurance rates - in the amount of income gained from them, and in case of the further violation allowed within year after application of economic sanctions - in double size;

for adoption of obligations to insurers in the amounts exceeding possibility of their accomplishment - in the amount of percent 0,5 from the amount of exceeding of obligations.

3. The Ministry of Economics and finance of Turkmenistan has the right to state penalties from insurers for the following violations:

for factual determination of the conclusion by insurers of insurance contracts with the insurance companies which do not have the license for implementation of insurance activity in the territory of Turkmenistan - in the amount of insurance payment;

for failure to provide insurance protection of the objects of insurance which are subject to the national compulsory insurance - in tenfold extent of the average level of the salary, and in case of the subsequent failure to provide insurance protection of these objects within a month - in twentyfold extent of the average level of the salary.

4. Collection of penalties from insurance companies (insurers, overcautious persons), insurance brokers and insurers for violations of the insurance legislation of Turkmenistan is made in procedure without acceptance, bodies of the state tax authorities in the Centralized budget of Turkmenistan based on the order of the Minister of Economy and Finance of Turkmenistan or its deputy.

The order of the Minister (deputy minister) of the housekeeper and finance of Turkmenistan in 5-day time goes to relevant organ of the state tax authorities for its execution and to copies of insurance company (the insurer, the overcautious person), to insurance broker, the insurer from whom collection of penalties is made, and is turned to execution into 2 weeks time from the date of its obtaining.

The order can be appealed judicially in 10-day time from the date of its obtaining. In case of submission of the claim execution of the order stops before decision making by court.

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