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Ministry of Justice

Republic of Uzbekistan

On August 15, 2008 No. 1842

RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN, STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON DEMONOPOLIZATION, SUPPORT OF THE COMPETITION AND ENTREPRENEURSHIP

of July 11, 2008 No. No. 77, 2008-33, 13

About approval of the Regulations on procedure for application of penalties against insurers for violation of the law about insurance activity

(as amended on 20-01-2021)

In pursuance of the 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" ("Collection of the legislation of the Republic of Uzbekistan", 2008, 172) we decide Art. No. 20-21,:

1. Approve the enclosed Regulations on procedure for application of penalties against insurers for violation of the law about insurance activity.

2. This resolution becomes effective after ten days from the moment of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Minister of Finance

R. Azimov

Chairman of the State Tax Committee

B. Parpiyev

Acting Chairman of the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship

 

 

B. Ulashov

2008-33, No. 13 are approved by the Resolution of the Ministry of Finance, State Tax Committee of the Republic of Uzbekistan, the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship of July 11, 2008 No. No. 77,

Regulations on procedure for application of penalties against insurers for violation of the law about insurance activity

This Provision according to the 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" ("The collection of the legislation of the Republic of Uzbekistan", 2008, Art. No. 20-21, 172) determines procedure for application of penalties against insurers for violation of the law about insurance activity, the established economic standard rates, including standard rates of solvency (further - violations of the law about insurance activity).

I. General provisions

1. According to this Provision decisions on application of penalties against insurers for violation of the law are made on insurance activity by specially authorized state body exercising regulation and supervision of insurance activity - Agency on development of the insurance market under the Ministry of Finance of the Republic of Uzbekistan (further - Agency on development of the insurance market).

2. For violation by insurers of the legislation on insurance activity, the penalty in the amount up to percent 0,1 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity is imposed on them.

The amounts of penalties are subject to transfer in the republican budget of the Republic of Uzbekistan according to the procedure, established by the legislation.

3. Total amount of the penalties imposed on the insurer for violation of the law about insurance activity on all set shall not exceed percent 1,0 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity.

4. Payment of the amount of the penalty does not exempt the insurer from responsibility for violation of the legislation on insurance activity.

II. The penalties applied to insurers for violation of standard rates of solvency

5. Ceased to be valid according to the Resolution of the Ministry of Finance of the Republic of Uzbekistan, the State Tax Committee of the Republic of Uzbekistan, the Antimonopoly Committee of the Republic of Uzbekistan of 20.01.2021 No. 2

6. In case of violation of requirements for the maximum permissible size of obligations on separate risks or the cumulative size of obligations of the insurers established by the legislation on insurance activity the penalty in the amount of percent 0,07 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity is imposed on the insurer.

In case of assumption within one year of the violations provided in paragraph one of this Item the penalty in the amount of percent 0,1 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity is imposed on the insurer.

III. The penalties applied to insurers for violation of requirements for placement of assets of insurers

7. In case of provision of preferential terms by the insurer to the connected persons, placements of assets of the insurer at the connected persons within the first two years of activities of the insurer, and also placement of assets of the insurer in the way:

investments in intellectual property (except for acquisitions of the software, information bases, literatures, trade names and trademarks);

the conclusions of loan agreements (provision of financial aid) with physical persons and legal entities except cases, stipulated by the legislation about insurance activity,

the penalty in the amount of percent 0,1 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity for each violation is imposed on the insurer.

8. In cases, if:

total amount of the loans granted by the insurer exceeds 10% of the authorized capital of the insurer;

the insurer attracted loans (financial aid) in the amount exceeding 30% of the amount of sources of own means without having notified on it Agency on development of the insurance market;

the amount of the assets placed by the insurer with one connected person exceeds 15% of the authorized capital of the insurer (except affiliated enterprises (affiliated economic societies) performing insurance activity, the activities aimed at providing insurance activity, and also activities for operation of the office buildings belonging to the insurer on the property right and cases, stipulated by the legislation);

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