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LAW OF TURKMENISTAN

of December 22, 2012 No. 356-IV

About insurance

(as amended on 05-06-2021)

This Law determines insurance bases in Turkmenistan as the direction of business activity, regulates system of the relations in the insurance market, and also establishes legal, economic and organizational basis of state regulation and supervision of activities in insurance field.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) the beneficiary - the physical person or legal entity having rights of receipt of insurance sum or insurance indemnity according to the legislation of Turkmenistan or the insurance contract;

2) joint insurance - the activities and the related relations arising in connection with acceptance of insurance risks (responsibility) according to the insurance contract at the same time by several insurers with distribution of their responsibility according to the agreement of joint insurance signed between them;

3) the insurer - the capable physical person or the legal entity which is the agreement party of insurance or being that according to the legislation of Turkmenistan, who is paying insurance premium (award) and having insurance interest in insurance of object of insurance;

4) the insurer - the entrepreneurial legal entity (insurance organization) of Turkmenistan, being the agreement party of insurance (reinsurance) and having the corresponding license for activities in insurance field based on this Law which in case of approach of insurance event (case) provided by the insurance contract incurs the obligation on payment of insurance sum (insurance indemnity) according to the procedure, provided by the insurance contract or the legislation of Turkmenistan;

5) insurance agent - the physical person or legal entity of Turkmenistan performing intermediary activities for the conclusion of insurance contracts for and on behalf of the insurer according to the conferred powers;

6) insurance broker - the entrepreneurial legal entity of Turkmenistan performing activities for provision of advisory services in questions of insurance and reinsurance, and also intermediary activities for the conclusion of insurance contracts and (or) reinsurance on its own behalf and at the request of the insurer (reinsurer) based on the corresponding license;

7) insurance premium (insurance premium) - the sum of money paid by the insurer or other person on behalf of the insurer to the insurer (overcautious person) instead of acceptance or distribution of risks on insurance according to the procedure, provided by the insurance contract or the legislation of Turkmenistan;

8) insurance reserves - the obligations of the insurer (overcautious person) according to current agreements of insurance (reinsurance) estimated on the basis of actuarial calculations;

9) type of insurance - the insurance product developed and provided by the insurer to the insurer within compulsory (state) and voluntary (non-state) insurance by means of the conclusion of the insurance contract;

10) insured event - the event or circumstance which came or arose during the term of the agreement insurance and in connection therewith the agreement or the legislation of Turkmenistan being the basis for payment of insurance sum or insurance indemnity to the insurer, insured person or beneficiary;

11) rules of insurance - the regulating legal document approved by the insurer and approved with body of the state insurance supervision or in other procedure, stipulated by the legislation Turkmenistan, determining insurance conditions on certain type of insurance;

12) insurance rate - the rate of insurance premium from unit of insurance sum or object of insurance established in the sizes providing forming at insurers of sufficient financial resources for carrying out payments of insurance sums (insurance indemnity), creation of insurance reserve funds, fund of precautionary actions and other funds and also coverings of expenses on conducting case and development of insurers;

13) insurance indemnity - the monetary compensation paid by the insurer to the insurer in case of loss occurrence according to the insurance contract and (or) the legislation of Turkmenistan;

14) insurance sum - the obligation of the insurer on insured risks (responsibility) expressed in the sum of money determined by the legislation of Turkmenistan or the insurance contract proceeding from which the sizes of insurance premiums (insurance premiums) and insurance indemnities in case of loss occurrence are established;

15) the insurance certificate (policy) - the document issued by the insurer to the insurer and (or) insured person, the confirmatory fact of the conclusion of the insurance contract;

16) insured person - physical person or legal entity which valuable interests are insured based on the insurance contract;

17) the insurance contract - the agreement signed between the insurer and the insurer according to whom the procedure and conditions of protection of valuable and other interests of physical persons and legal entities at the expense of the insurance premiums (insurance premiums) paid by them to insurers for the purpose of payment of insurance sums (insurance indemnities) by them or accomplishment of other action stipulated in the agreement in case of approach of certain events (insured events) are established;

18) insurance risk (responsibility) - possibility of approach of the expected event having signs of probability and accident of its approach on which case insurance is led;

19) reinsurance - the activities and the related relations arising in connection with the subsequent transfer of all or parts of the insurance risks (responsibility) accepted by the insurer according to the insurance contract, the overcautious person according to the agreement of reinsurance signed between them;

20) the reinsurer (assignor) - the insurer or the overcautious person performing transfer of the insurance risks (responsibility) accepted by him to reinsurance;

21) the overcautious person - the entrepreneurial legal entity (the reinsurance organization) whose main authorized activities is the conclusion and execution of agreements of reinsurance based on the corresponding license;

22) own deduction - part of insurance sum within which the reinsurer (assignor) bears responsibility on own account according to the agreement of reinsurance;

23) accumulative life insurance - the life insurance form providing accumulating at the insurer of the insurance premiums which are regularly paid by the insurer as urgent accumulative means;

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