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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

(The last edition from 29-10-2015)

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;

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