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Ministry of Justice

Republic of Uzbekistan

On July 16, 2009 No. 1982

ORDER OF THE MINISTER OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of July 3, 2009 No. 68

About approval of the Regulations on investing activities of the insurer and the overcautious person

(as amended on 13-12-2021)

In pursuance of the resolution of the President of the Republic of Uzbekistan of April 10, 2007 N PP-618 "About measures for further reforming and market development of insurance services" (Collection of the legislation of the Republic of Uzbekistan, 2007, N 15, to the Art. 158), I order:

1. Approve Regulations on investing activities of the insurer and the overcautious person according to appendix.

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.

Minister

R. Azimov

Appendix

to the Order of the Minister of Finance of the Republic of Uzbekistan of July 3, 2009 No. 68

Regulations on investing activities of the insurer and overcautious person

This Provision according to the resolution of the President of the Republic of Uzbekistan of April 10, 2007 N PP-618 "About measures for further reforming and market development of insurance services" (The collection of the legislation of the Republic of Uzbekistan, 2007, N 15, of the Art. 158) establishes requirements to investing activities of the insurer and the overcautious person.

I. General provisions

1. This Provision does not extend to the organizations of the national social insurance.

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

diversification - distribution of means of the insurer (overcautious person) between different objects of attachments for the purpose of decrease in risk of possible losses of means or the income from them;

investments - any kind of the acquired or controlled assets of the insurer (overcautious person) which are placed in objects of economic and other activity for the purpose of profit earning;

investing activities - the set of actions of the insurer (overcautious person) connected with implementation of investments;

liquidity - possibility of operational conversion of means of the insurer (overcautious person) in money when preserving their nominal value for accomplishment by the insurer (overcautious person) of the obligations;

the responsible person - the employee of the insurer (overcautious person) to whom the obligation on the organization of investing activities is assigned;

profitability - income acquisition from investments of the insurer (overcautious person);

recoverability - providing greatest possible, in specific conditions, safety of investments of capital of the insurer (overcautious person) 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.

II. Objects of investing activities

3. Objects of investing activities of the insurer (overcautious person) are:

government securities of the Republic of Uzbekistan;

government securities of foreign states;

bank certificates (deposit certificates);

deposits (deposits) to credit institutions;

personal and real estate (buildings, constructions, equipment and other material values) and rights to them;

equity in the authorized capital of legal entities;

the securities allowed according to the legislation of the Republic of Uzbekistan to release and the address in the territory of the Republic of Uzbekistan, or issued by the foreign issuers having the license (permission) to implementation of activities for the organization of trade in the security market issued by the relevant authorized body, and allowed to market circulation of securities.

equity in the authorized capital of the organization for refinancing of mortgage, and also purchase of mortgage securities;

loans (financial aid) to the leasing organizations;

the corporate bonds issued according to the legislation.

4. The insurer (overcautious person) can perform investments and into other objects of investing activities which are not contradicting the legislation.

5. Investment into objects which creation and use do not answer the sanitary and hygienic, radiation, ecological, architectural and town-planning and other requirements established by the legislation is forbidden, violate the rights and interests of legal entities and physical persons protected by the law.

III. Main requirements to investing activities

6. For the purpose of ensuring financial stability the insurer (overcautious person) shall place the assets on the principles of recoverability, liquidity, diversification and profitability.

7. The insurer (overcautious person) shall comply with the following main conditions when implementing investing activities:

competent investment management and related risks;

ensuring information transparency and confidentiality.

8. Competent investment management and the related risks is provided with the insurer (overcautious person) in the way:

approvals of investment policy in which the main directions of investing activities of the insurer (overcautious person) are specified;

attraction, if necessary, to the organization of investing activities of investment consultants, trustees investment assets or other professional participants of the security market;

the analysis of investment objects and periodic assessment of the received profitability i.t.p.

9. Ensuring information transparency and confidentiality is performed in the way:

disclosures of information according to requirements of the legislation;

the annual report before founders on the performed investments;

uses of office and confidential information by workers and members of governing bodies of the insurer (overcautious person) according to investment policy of the insurer (overcautious person).

10. The insurer (overcautious person) when implementing investing activities shall:

a) observe the requirements for placement of assets of insurers (overcautious persons) established by the Regulations on solvency of insurers and overcautious persons approved by the order of the Ministry of Finance of the Republic of Uzbekistan of April 22, 2008 N 41 (reg. N 1806 of May 12, 2008) (Collection of the legislation of the Republic of Uzbekistan, 2008, N 20-21, Art. 178) and the requirements to procedure for placement of insurance reserves established by the Regulations on insurance reserves of insurers approved by the order of the Ministry of Finance of the Republic of Uzbekistan of November 20, 2008 N 107 (reg. N 1882 of December 15, 2008) (Collection of the legislation of the Republic of Uzbekistan, 2008, N 52, the Art. 529);

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