ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of April 7, 2009 No. 42

About approval of the Regulations on procedure for rendering actuarial services

In pursuance of the Law of the Republic of Uzbekistan "About insurance activity" I order:

1. Approve the enclosed Regulations on procedure for rendering actuarial services.

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

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of April 7, 2009 No. 42

Regulations on procedure for rendering actuarial services

This Provision determines procedure for rendering actuarial services.

I. General provisions

1. Actuarial services are rendered on the basis of the principles of independence, objectivity, professional competence and confidentiality.

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

the actuary - the physical person who received the qualification certificate of the actuary, and being on the staff of the actuarial organization or signed the civil contract with the actuarial organization

the actuarial organization - the legal entity who is rendering actuarial services and having at least one actuary in the state;

actuarial inspection - the complex of actuarial services including the analysis of display of gels of insurance and financial activities of the insurer for the purpose of determination of level of riskiness of the performed insurance and investment operations and also assessment of financial position of the insurer;

actuarial maintenance - the complex of actuarial services including calculation of mathematical probability of approach of insurance event, determination of frequency and severity of consequences of damnification, calculation of insurance reserves, scoping of expenses on the organization of process of insurance, calculation of cost of insurance services, establishment of the tariff charges for each type of insurance (reinsurance), assessment of results of investing activities, planning of the income on different types of insurance (reinsurance) and rendering other actuarial services;

the customer - the insurer or other customer of actuarial services.

3. Insurers shall attract the actuarial organization to carrying out actuarial inspection once a year - following the results of activities for financial year within six months upon termination of each financial year.

By results of carrying out actuarial inspection by the actuarial organization the actuarial report is constituted and the actuarial conclusion on the following questions is taken out:

level of riskiness of the performed insurance operations;

level of riskiness of the performed investment operations;

financial position of the insurer.

4. When carrying out actuarial inspection for ensuring rendering services on the basis of the principles of independence and objectivity the following conditions shall be complied:

the insurer attracting the actuarial organization to rendering actuarial services shall not be the owner, the founder (shareholder) of this actuarial organization;

the actuary who is directly rendering actuarial services to the insurer shall not be the employee of this insurer or consist with owners, founders (shareholders), the head of this insurer in close relationship (parents, the spouse (a), brothers, sisters and children, and also parents, brothers and sisters of the spouse(s).

5. In case of carrying out actuarial inspection with violation of conditions, stipulated in Item 4 this provision, the actuarial report (the actuarial conclusion) constituted (taken out) by results of carrying out actuarial inspection is considered invalid.

6. In case of intentional concealment by the agreement party on carrying out actuarial inspection from other party of the circumstances specified in item 4 of this provision, the party which hid these circumstances refunds to other party all its expenses connected with the conclusion and agreement performance.

7. The actuarial organization has no right to conduct actuarial examination of the same insurer more than three years in a row.

8. Actuarial maintenance is carried out at the discretion of the customer.

Types and amounts of the actuarial services rendered when carrying out actuarial maintenance are determined by the customer.

By results of carrying out actuarial maintenance by the actuarial organization the actuarial report is constituted and the actuarial conclusion on the questions provided by the contract for rendering actuarial services is taken out.

9. Intervention in activities of the actuarial organization is not allowed.

Impact in any form on the actuary, the actuarial organization and its workers for the purpose of hindrance to rendering actuarial services on the basis of the principles of independence and objectivity attracts responsibility according to the legislation.

II. Procedure and conditions of rendering actuarial services

10. Actuarial services are rendered on the basis and according to the agreement signed between the customer and the actuarial organization in writing. At the same time carrying out actuarial inspection and actuarial maintenance within one agreement is not allowed.

11. The contract for rendering actuarial services shall provide the following essential conditions:

types and amounts (including questions on which pronouncement of the actuarial conclusion, in case of availability of those is necessary), and also the cost of actuarial services. At the same time the cost of each type of actuarial services is specified separately;

terms of rendering actuarial services;

procedure for settlement;

rights and obligations of the Parties;

responsibility of the parties in case of non-execution or improper execution of contractual commitments;

procedure for the dispute resolution;

details of the parties;

date and place of agreement.

12. Agreement parties on rendering actuarial services have the following rights and obligations:

a) the customer has the right:

require from the actuarial organization of submission of the qualification certificate of the actuary who is directly rendering actuarial services for acquaintance;

by results of rendering actuarial services to receive the actuarial report and the actuarial decision;

get from the actuarial organization advice and recommendations about elimination of the actuarial services of violations and shortcomings revealed during rendering;

the customer shall:

provide information necessary for rendering actuarial services, according to the procedure and amount, requested by the actuary;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info