RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN, STATE TAX COMMITTEE OF THE REPUBLIC OF UZBEKISTAN, STATE COMMITTEE OF THE REPUBLIC OF UZBEKISTAN ON PRIVATIZATION, DEMONOPOLIZATION AND DEVELOPMENT OF THE COMPETITION

of April 24, 2013 No. 39, No. 2013-27, No. 01/19-26/02

About entering of amendments into the provision "About Procedure for Application of Penalties against Insurers for Violation of the Law about Insurance Activity"

According to the laws 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 "About counteraction of legalization of income gained from criminal activities and to terrorism financing" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2004, No. 9, the Art. 160), and also resolutions of the President of the Republic of Uzbekistan of May 21, 2008 No. PP-872 "About additional measures for further reforming and market development of insurance services" (Collection of the legislation of the Republic of Uzbekistan, 2008, Art. No. 20-21, 172) and 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" (Collection of the legislation of the Republic of Uzbekistan, 2010, 48, the Art. 442) the Ministry of Finance, the State Tax Committee of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition decide No.:

1. Make additions to Regulations on procedure for application of penalties against insurers for the violation of the law about insurance activity approved by the resolution of the Ministry of Finance, State Tax Committee of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on demonopolization, support of the competition and entrepreneurship on July 11, 2008 No. No. 77, 2008-33 and of June 26, 2008 No. 13 (рег. No. 1842 of August 15, 2008) (Collection of the legislation of the Republic of Uzbekistan, 2008, No. 34, the Art. 337), according to appendix.

2. This resolution becomes effective from the date of its official publication.

Appendix

to the Resolution of the Ministry of Finance, State Tax Committee of the Republic of Uzbekistan and the State committee of the Republic of Uzbekistan on privatization, demonopolization and development of the competition of April 24, 2013 No. No. 39, 2013-27, 01/19-26/02

The additions made to the Provision "About Procedure for Application of Penalties against Insurers for Violation of the Law about Insurance Activity"

Add with Chapters VII (1), VII (2) and VII (3) the following content:

"VII (1). The penalties applied to insurers for violation of requirements of rules of internal control

17(1). In case of non-compliance by the insurer with terms of submission to the Ministry of Finance:

list of responsible persons;

the report on results of the activities for counteraction of legalization of income gained from criminal activities and to terrorism financing, the penalty in the amount of percent 0,05 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity is imposed on the insurer.

VII (2). The penalties applied to insurers for failure to carry out of instructions of the Ministry of Finance

17(2). In case of failure to carry out of the instruction of the Ministry of Finance about elimination of the following violations:

lack of the register of the insurance agents authorized by the insurer;

not provision upon the demand of the Ministry of Finance of information on the sizes of the assumed money and obligations, and also other information within its competence;

not bringing by the insurer to data of insurers of information on change of its trade name, form of business or the location through mass media, and according to the insurance contracts which are available for it on execution with term over one year - in writing;

not passing by the insurer in the procedure for obligatory audit inspection established by the legislation;

not involvement of the actuarial organization by the insurer for carrying out actuarial inspection once a year - following the results of activities for financial year within six months upon termination of each financial year, is imposed penalty in the amount of percent 0,09 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity on the insurer.

VII (3). The penalties applied to insurers for unreasonable refusal of payment of insurance indemnity (insurance sum)

17(3). If the insurer unreasonably refused payment of insurance indemnity (insurance sum), the penalty in the amount of percent 0,09 from the minimum size of the authorized capital established for the insurer according to the legislation on insurance activity is imposed on the insurer for each unreasonable refusal. At the same time the refusal of the insurer recognized by court according to the statement of the insurer (beneficiary) is considered unreasonable.".

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