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The document ceased to be valid according to article 41 of the Law of the Republic of Tajikistan of July 23, 2016 No. 1349

LAW OF THE REPUBLIC OF TAJIKISTAN

of December 29, 2010 No. 681

About insurance activity

(as amended of the Law of the Republic of Tajikistan of March 14, 2014 No. 1079)

This Law determines basic provisions by insurance implementation as type of business activity, feature of creation, licensing, regulation, termination of activities of the insurance (reinsurance) organizations, insurance brokers, activities condition in the insurance market of other physical persons and legal entities, tasks of state regulation of insurance activity and the principles of ensuring supervision of insurance activity. The purpose of this Law is ensuring protection of valuable interests of physical persons and legal entities in case of insured events.

Chapter 1. General provisions

Article 1. Legislation of the Republic of Tajikistan on insurance activity

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

Article 2. Basic concepts

In this Law the following basic concepts are used:

- insurance agent - the physical person or legal entity performing intermediary activities for the conclusion of the insurance contract for and on behalf of insurance company according to the powers conferred to it;

- the actuary - the physical person performing the activities connected with implementation of economic-mathematical calculations of the amount of agreement obligations of insurance and reinsurance for the purpose of ensuring necessary level of solvency and financial stability of insurance company;

- depot of insurance premium - deduction in case of reinsurance of part of insurance premiums by the insurer, as performance guarantee by the overcautious person of the obligations;

- reinsurance - the activities and the related relations arising in connection with the subsequent transfer of all or parts of the insurance risks which arose according to the agreement on reinsurance signed between insurance company and the reinsurance organization;

- insurance broker - the legal entity performing consulting activities for questions of insurance, reinsurance and intermediary activities for the conclusion of insurance contracts or agreements of reinsurance on its own behalf and at the request of the insurer;

- insurance reserves - the funds formed by insurance companies for providing guarantees of insurance payments for insurance contracts and reinsurance;

- rules of insurance - the document developed by insurance company, determining conditions of implementation of insurance on certain type of insurance;

- the redemption amount - the amount which the insurer has the right to receive in case of early termination of validity of accumulative insurance;

- insurance sum - the limiting limit of responsibility set by the legislation of the Republic of Tajikistan and (or) determined by the insurance contract, proceeding from which the sizes of insurance premiums and insurance payment in case of loss occurrence are established;

- insurance payment - the sum of money determined by the legislation of the Republic of Tajikistan and (or) the insurance contract and paid by the insurer to the insurer, the beneficiary in case of loss occurrence;

- insurance portfolio - set of all signed insurance contracts;

- the insurance policy - the document issued by the insurer to the insurer, the confirmatory fact of the conclusion of the insurance contract;

- insurance - relations on protection of interests of physical persons and legal entities in case of approach of insured events;

- annuity insurance - the insurance providing the conclusion of insurance contracts on long-term equal payments;

- voluntary insurance - the insurance performed voluntarily based on the contract between the insurer and the insurer according to the procedure, established by the legislation of the Republic of Tajikistan;

- joint insurance - insurance in case of which two or more insurers participate certain shares in insurance of the same risk, issuing joint or separate policies, everyone on insurance sum in respective share;

- compulsory national insurance - the insurance financed by the government budget;

- compulsory insurance - the insurance performed according to the procedure, established by the legislation of the Republic of Tajikistan at the expense of physical persons and legal entities;

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