RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 21, 2008 No. PP-872

About additional measures for further reforming and market development of insurance services

For the purpose of further enhancement of insurance activity, increase in capitalization and financial stability of insurers, expansion of their regional network and stimulation of participation of insurance companies in investment processes, and also ensuring effective consumer protection of insurance services:

1. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 31.05.2011 No. PP-1544

2. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 31.05.2011 No. PP-1544

3. Establish procedure according to which:

insurers have the right to perform professional activity in the security market as the investment intermediary. At the same time receipt by the insurer of the license for implementation of professional activity in the security market is not required;

the candidates recommended for positions of heads and chief accountants of insurers and insurance brokers are appointed (are elected) on condition of their compliance to the qualification requirements determined in Regulations on the qualification requirements imposed to the head of executive body and the main thing on the accountant of the insurer approved by the Ministry of Finance of the Republic of Uzbekistan in accordance with the established procedure;

for violation by insurers of the legislation on insurance activity, the established economic standard rates, including standard rates of solvency, based on the decision of specially authorized state body exercising regulation and supervision of insurance activity the penalty in the amount up to percent 0,1 from the minimum size of the authorized capital established for the insurer with transfer of the amount of penalty of the republican budget is in accordance with the established procedure imposed on them.

4. Exempt since June 1, 2008 for a period of three years:

income of legal entities and physical persons gained in the form of share dividends of insurers from the tax discharge on profit of legal entities and income tax;

income of insurers gained in the form of dividends and percent, from the tax discharge on profit, with the target direction of the released funds for creation of territorial subdivisions, extensive agency network in regions of the republic, first of all, in the rural zone, and also on development of their material and technical resources.

5. To the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan to develop and approve in accordance with the established procedure in a month:

Regulations on procedure for application of the tax benefits provided by this resolution;

together with the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship Regulations on procedure for application of penalties against insurers for violation of the law about insurance activity.

6. To the Ministry of Finance, the Ministry of Justice of the Republic of Uzbekistan together with the interested ministries and departments in a month:

make in the Cabinet of Ministers offers on the changes and amendments in the legislation following from this resolution;

provide reduction of regulations of the ministries and departments in compliance with this resolution.

7. To impose control of execution of this resolution on the First Deputy Prime Minister of the Republic of Uzbekistan Azimov R. S.

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