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Ministry of Justice

Republic of Uzbekistan

On December 15, 2008 No. 1882

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of November 20, 2008 No. 107

About approval of the Regulations on insurance reserves of insurers

(as amended on 29-10-2015)

According to the Law of the Republic of Uzbekistan "About insurance activity" and the Regulations on the Ministry of Finance of the Republic of Uzbekistan approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of November 23, 1992 No. 553 ("Collection of the orders of the Government of the Republic of Uzbekistan", 1992, to No. 11, of the Art. 37), I order:

1. Approve the enclosed Regulations on insurance reserves of insurers.

2. To insurers till December 31, 2008 to bring regulations on reserve of precautionary actions into accord with the above-stated Provision.

3. Declare invalid the order of the Ministry of Finance of the Republic of Uzbekistan of February 8, 2006 No. 11 "About approval of the Regulations on procedure and conditions of education and placement of insurance reserves by insurers" (reg. No. 1571 of 06.05.2006 - "Collection of the legislation of the Republic of Uzbekistan", 2006, No. 19, the Art. 166).

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

Minister

R. Azimov

Approved by the Order of the Ministry of Finance of November 20, 2008 No. 107

Regulations on insurance reserves of insurers

This Provision according to the Law of the Republic of Uzbekistan "About insurance activity" and the Regulations on the Ministry of Finance of the Republic of Uzbekistan approved by the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of November 23, 1992 No. 553 ("The collection of the orders of the Government of the Republic of Uzbekistan", 1992, No. 11, of the Art. 37) establishes requirements to calculation procedure and procedure for education and placement of insurance reserves by insurers.

I. General provisions

1. Action of this provision does not extend to the organizations of the national social insurance.

2. The basic concepts used for the purpose of this provision:

the allocated assets - the assets of the insurer corresponding to the amount of insurance reserves;

not settled claim - the claimed loss which arose in connection with loss occurrence, obligations of the insurer on which are not fulfilled or performed not completely on reporting date yet;

the connected persons - the physical persons or legal entities having special relations with the insurer namely:

any person from structure of the Supervisory board of the insurer or other authority of the insurer, and also their close relatives;

any legal entity or the physical person owning share more than 20% of the authorized capital of the insurer, or any of heads and large shareholders (founders) of this legal entity and also their close relatives;

legal entities and their managing directors who according to the legislation control activities of the insurer;

legal entities in relation to whom this insurer is participant in the amount of more than 20% of the authorized capital, and also officials of the specified legal entities and their close relatives.

The face tied with one of the above-stated persons is recognized the face tied with each of them;

The state Insurance Supervision Committee - the State inspectorate for insurance supervision under the Ministry of Finance of the Republic of Uzbekistan;

diversification - distribution of means of insurance reserves of the insurer between various objects of investments for the purpose of decrease in risk of possible losses of means or the income from them;

expenses on settlement of losses - cash amount, the expert and consulting or other services directed to payment connected with assessment of the size and decrease in damage (harm) caused to valuable interests of the insurer, beneficiary or insured;

liquidity of means - possibility of operational conversion of means of insurance reserves of the insurer in money when preserving their nominal value for accomplishment of the obligations by the insurer;

recoverability of means - ensuring the greatest possible safety of investments of capital of insurance reserves of the insurer in specific conditions by minimizing of investment risk. The investment risk in this case is understood as possibility that the actual profit on investments will be lower than settlement;

profitability of means - income acquisition from means of insurance reserves of the insurer at the level is at least profitability of government securities in the secondary market;

the beneficiary - the physical person or legal entity designated by the insurer as the receiver of insurance indemnity or insurance sum and which is not insured;

the insurer - the legal entity of any form of business or physical person having full civil legal capacity, who signed the insurance contract with the insurer, paying the insurance premium added according to the insurance contract and entering the specific insurance relations with insurers;

insured - the physical person or legal entity participating in insurance whose valuable interests are subject to insurance protection. Insured can be at the same time and the insurer if the insurance contract concerning itself signs and pays the added insurance premium. If the insurance contract is signed concerning other person, then the insurer and insured are the different persons participating in insurance;

insurance premiums (insurance gross - awards) - the fees paid by the insurer to the insurer, procedure for calculation and which sizes are established by the insurance contract, and brought both in poison ivy, and in foreign currency;

insurance reserves - the means created by the insurer from paid by the insurer both to poison ivy, and in foreign currency of insurance premiums and considered in asset type or obligations on balance of the insurer, necessary for accomplishment of financial liabilities on insurance payments, for expenses on settlement of losses and financing of precautionary actions;

insurance loss - monetary value of the extent of damage (harm) caused to valuable interests of the insurer, beneficiary or insured as a result of loss occurrence and subject of compensation by the insurer in accordance with the terms of the insurance contract;

technical reserves - the amount of means necessary for accomplishment of the financial liabilities by the insurer on insurance payments calculated according to the separate insurance contract and/or on all insurance portfolio as of reporting date;

catastrophic crash - one event or series of the events connected among themselves which take place in certain place at the same time therefore very severe loss to several insured objects is caused;

claimed loss - monetary value of damage (harm) caused to valuable interests of the insurer, beneficiary or insured as a result of loss occurrence which approach fact according to the procedure established by the law or the insurance contract it is told the insurer;

the greatest possible loss - the estimative and maximum size of insurance damage which the insurer or the overcautious person can incur under the terms of one or several insurance contracts as a result of the insured events determined in them;

the gross added insurance premium - the total amount of the added insurance premiums the last twelve months prior to reporting date, including insurance premiums under the entering agreements of reinsurance, less the insurance premiums returned for this period, but to deduction of premiums to the agreements transferred to reinsurance;

the added insurance premium - the insurance premiums added in the accounting period irrespective of when on them money is received;

the accounting period - calendar year from January 1 to December 31. At the same time the accounting period for which calculations according to this Provision are constituted is the period from January 1 of accounting year to the last calendar day of every quarter of accounting year;

reporting date - the last calendar day of the accounting period on which calculations according to this Provision are constituted.

II. Requirements to calculation procedure and procedure for formation of insurance reserves

3. Insurance reserves are formed by the insurer by each type (class) of insurance and in that currency in which payment of insurance indemnity (insurance sum) according to the insurance contract is provided.

The insurer calculates the sizes of insurance reserves in case of determination of financial results from implementation of insurance activity as of reporting date in case of creation of accounting records. Calculation of insurance reserves is made based on data of accounting and the reporting of the insurer.

4. The documents containing the data necessary for calculation of insurance reserves on each reporting date according to each insurance contract (reinsurance) are subject to storage by the insurer at least 3 years from the date of complete obligation fulfillment under this agreement. In particular, the documents containing the following data are subject to storage:

agreement number (policy, certificate, receipt);

date of the introduction of the agreement in force (insurance effective date);

duration of the agreement;

size (sizes) of insurance sum (amounts);

the size of the added insurance premium (fees);

accrual date of insurance premium (fees);

size (sizes) and date (dates) of payment of insurance premium (fees);

the amount of the added remuneration for the conclusion of the agreement;

the amount of assignments from insurance premium (fees) in cases, stipulated by the legislation;

date of early termination of the agreement;

date (dates) of change of terms of the contract;

the size of the insurance premium (fees) returned to insurers (reinsurers) in connection with early termination (change of conditions) of the agreement;

date of return of insurance premium (fees);

date (dates) of receipt of the statement for insured event (cases);

date (dates) of loss occurrence (cases);

the size (sizes) of claimed loss (losses), and also information on change of the size (sizes) of claimed loss (losses) in the course of its settlement;

date (dates) of insurance payment (payments);

amount (sizes) of insurance payment (payments);

date (dates) of refusal in insurance payment (payments).

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