Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

Registered by 

Ministry of Justice 

Republic of Uzbekistan

On May 30, 2013 No. 2462

ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of April 30, 2013 No. 42

About approval of the Provision "About the Qualification Requirements Imposed to the Head and the Chief Accountant of the Insurer, Insurance Broker and Their Separate Divisions"

(as amended on 13-08-2020)

According to the Law of the Republic of Uzbekistan "About insurance activity" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2002, Art. No. 4-5, 68) and the resolution of the President of the Republic of Uzbekistan of November 26, 2010 No. PP-1438 "About the priority directions of further reforming and increase in stability of financial bank system of the Republic of Uzbekistan 2011-2015 and achievements of high international rating rates" (Collection of the legislation of the Republic of Uzbekistan, 2010, 48, of the Art. 442) I order to No.:

1. Approve the Provision "About the Qualification Requirements Imposed to the Head and the Chief Accountant of the Insurer, Insurance Broker and Their Separate Divisions", according to appendix.

2. Declare invalid the order of the Minister of Finance of the Republic of Uzbekistan of June 11, 2008 No. 61 "About approval of the Regulations on the qualification requirements imposed to the head and the chief accountant of the insurer (insurance broker)" (reg. No. 1827 of June 18, 2008) (Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 24-25, 241).

3. This order becomes effective from the date of its official publication.                                    

Minister                                 

R. Azimov

Appendix

to the Order of the Minister of Finance of the Republic of Uzbekistan of April 30, 2013 No. 42

Provision "About the Qualification Requirements Imposed to the Head and the Chief Accountant of the Insurer, Insurance Broker and Their Separate Divisions"

This Provision according to the Law of the Republic of Uzbekistan "About insurance activity" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2002, No. 4-5, of the Art. 68) and the resolution of the President of the Republic of Uzbekistan of November 26, 2010 No. PP-1438 "About the priority directions of further reforming and increase in stability of financial bank system of the republic in 2011 - 2015 and achievements of high international rating rates" (The collection of the legislation of the Republic of Uzbekistan, 2010, No. 48, of the Art. 442) establishes the qualification requirements imposed to the head and the chief accountant of the insurer, insurance broker and their separate divisions.

Chapter 1.
General provisions

1. In this Provision the following basic concepts are applied:

the head of the insurer (insurance broker) - physical person which as a result of its appointment or election according to the legislation and constituent documents of the insurer (insurance broker), based on the signed employment contract, is sole executive body of the insurer (insurance broker) or heads collegiate executive body of the insurer (insurance broker);

the head of separate division of the insurer (insurance broker) - physical person which as a result of its appointment, based on the signed employment contract and the issued power of attorney, is sole executive body of separate division of the insurer (insurance broker);

the chief accountant of the insurer (insurance broker) - the physical person performing functions of financial accounting and financial management of the insurer (insurance broker), providing financial accounting and control of rational, economical use of material and financial resources;

the chief accountant of separate division of the insurer (insurance broker) - the physical person performing functions of financial accounting and financial management of separate division of the insurer (insurance broker), providing financial accounting and control of rational, economical use of material and financial resources;

separate division - branch (representation) of the insurer (insurance broker) in the Republic of Karakalpakstan, areas and the city of Tashkent.

2. The candidates recommended for positions of heads and chief accountants of insurers, insurance brokers and their separate divisions (further - candidates), are appointed (are elected) on condition of their compliance to the qualification requirements established by this Provision.

3. The insurer (insurance broker) shall provide to Agency on development of the insurance market under the Ministry of Finance of the Republic of Uzbekistan (further - Agency on development of the insurance market) the documents confirming the candidate's compliance to the qualification requirements established by this Provision before its appointment (election) to position of the head or the chief accountant of the insurer, insurance broker and their separate divisions.

4. The number of staff of separate division of the insurer shall make at least 2 units (the head and the chief accountant of separate division of the insurer).

5. Vacancies of heads and chief accountants of insurers, insurance brokers and their separate divisions shall be filled within 3 months.

Chapter 2.
Qualification requirements

6. The head of the insurer (insurance broker) shall conform to the following qualification requirements:

a) availability of the higher education got in institutions of higher education of the Republic of Uzbekistan, or the higher education got in educational institutions of foreign state and according to the legislation recognized in the Republic of Uzbekistan;

b) availability of length of service in the sphere of insurance at least 3 years (without length of service insurance agent, and also on positions of support, technical and service personnel);

c) ownership of knowledge in the following directions:

the theory and practice of creation of democratic society in Uzbekistan;

legislation on insurance activity. 

7. The chief accountant of the insurer (insurance broker) shall conform to the following qualification requirements:

a) availability of the highest (accounting, financial, economic) the education got in institutions of higher education of the Republic of Uzbekistan, or the highest (accounting, financial, economic) the education got in educational institutions of foreign state and according to the legislation recognized in the Republic of Uzbekistan;

b) availability of length of service the accountant at least 4 years, from which at least 2 years of length of service the accountant in the sphere of insurance;

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