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of August 5, 2009 No. 540

About mutual insurance

(as amended of the Law of the Republic of Tajikistan of 08.08.2015 No. 1224)

This Law governs the public relations connected with implementation of mutual insurance and establishes the legal basis of activities of societies of mutual insurance.

Article 1. Basic concepts

In this Law the following basic concepts are used:

- mutual insurance - one of insurance forms in case of which each participant of insurance at the same time is insurer and the insurer;

- society of mutual insurance (further - society) the non-profit insurance company created on the basis of voluntary membership taking into account provisions of this Law;

- authorized body - the state body exercising regulation and supervision of the insurance market and insurance companies;

- the beneficiary - person specified in the insurance contract for benefit of which insurance is concluded;

- the membership fees - the money, securities, other property or property rights having cash value which are translated or transferred by physical persons and legal entities for the accession to society;

- insurance premiums - the money paid by members of society for implementation of mutual insurance;

- additional contributions - the money paid by members of society in, the purposes of compensation of damage caused to society.

Article 2. Legislation of the Republic of Tajikistan on mutual insurance

The legislation of the Republic of Tajikistan on mutual insurance is based on the Constitution of the Republic of Tajikistan and consists of the Civil code of the Republic of Tajikistan, this Law, other regulatory legal acts of the Republic of Tajikistan, and also the international legal acts recognized by Tajikistan.

Article 3. Principles of mutual insurance

Mutual insurance is performed on the basis of the following principles:

- community of valuable interests of members of society;

- equal rights and obligations of members of society;

- mutual protection and responsibility of members of society.

Article 4. Subjects of mutual insurance

Subjects of mutual insurance are the valuable interests of members of society connected, in particular, with:

- life, health, working capacity and voluntary provision of pensions of members of society (personal insurance);

- ownership, use and order of property (proprietary insurance);

- the risk of the civil responsibility connected with the obligation which resulted from damnification of life, to health or property of other person and in the cases established by the Law, and also the responsibility provided by the agreement;

- entrepreneurial risk - the risk of non receipt of expected profit on business activity connected with violation of the obligations by partners entrepreneurs or change of the conditions of these activities connected with the circumstances which do not have relations to entrepreneurship.

Article 5. Creation of society

1. The number of members of society shall constitute at least five citizens or at least three legal entities.

2. The name of society shall contain the phrase "society of mutual insurance" with indication of on non-commercial form of the organization.

3. Society is considered created from the moment of its state registration according to the legislation of the Republic of Tajikistan.

Article 6. Constituent documents of society

1. Constituent documents of society are the foundation agreement and the charter of society.

2. The foundation agreement of society, in addition to the provisions established by the legislation of the Republic of Tajikistan shall contain following provisions:

- obligation of founders on agreement signature of insurance and introduction of insurance means (insurance premiums);

- the size of the money contributions brought by founders on the administrative expenses connected with creation and the organization of activities of society.

3. The charter of society shall contain the following data:

- the full and abbreviated name of society in state language;

- society location;

- subject and purposes of activities of society;

- the types of insurance performed by society;

- procedure for management of society, structure and competence of governing bodies and control facilities of society, procedure for their creation and procedure for adoption of decisions by them;

- conditions and procedure for acceptance and termination of membership in society;

- procedure for election of plenipotentiaries of members of society for participation in general meeting of members of society;

- the rights and obligations of society before members of society;

- rights and obligations of members of society;

- form, conditions and procedure for introduction of the established fees and responsibility for violation of obligations on their introduction;

- conditions and procedure for acceptance on additional, the responsibility members of society connected with insurance bonds of society by unpaid part of additional contribution of each member of society;

- rules of insurance in case of implementation of mutual insurance by society based on membership;

- sources of forming of property of society;

- procedure for the order property of society;

- procedure for introduction of amendments to the charter of society;

- procedure for holding general meeting of members of society and procedure for the notification about its carrying out;

- procedure for reorganization and liquidation of society;

- other provisions which are not contradicting the legislation of the Republic of Tajikistan.

4. Requirements of constituent documents are obligatory for execution by society and its members.

5. Constituent documents of society shall be provided for acquaintance to alternate members of society and be handed to all members of society.

6. The charter of society affirms general meeting of members of society.

Article 7. Members of society

1. The physical persons which reached eighteen-year age and (or) legal entities can be members of society. Membership in society can be caused only by single requirements for all his members.

2. Membership in society arises after adoption by society of the decision on admission to membership of society and payment by the applicant of the membership fee established by society.

3. Members of society have the right to vote on general meeting only after payment of insurance premiums.

4. Society provides maintaining and storage of the list of members of society.

Article 8. Rights and obligations of members of society

1. Members of society have the right:

- participate in management of society and be elected to its bodies;

- insure the valuable interests on mutual basis according to rules or the insurance contract;

- require and obtain any information on activities of society, including on results of checks of its financial activities from governing bodies of society;


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