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RESOLUTION OF THE CABINET OF MINISTERS OF THE REPUBLIC OF UZBEKISTAN

of April 21, 1998 No. 167

About measures for ensuring insurance protection of national exporters

(as amended on 02-06-2014)

According to the Law of the Republic of Uzbekistan "About insurance", for the purpose of insurance protection of national exporters in the international markets of the capital, goods and the services Cabinet of Ministers decides:

1. Determine that:

insurance of the export contracts performed on the terms of payment deferral and which are not provided with payment obligations of the first-class banks from policy and commercial risks is performed according to procedure according to appendix.

2. The insurance coverage from policy and commercial risks under the export contracts providing payment deferral is provided by insurance companies to exporters and commercial resident banks of the Republic of Uzbekistan.

Insurance of export cargo transportation is performed by legal entities, being the commercial organizations and having the license for implementation of insurance of the corresponding type, according to the legislation of the Republic of Uzbekistan and the international rules "Incoterms".

3. To impose control over the implementation of this resolution on the Deputy prime minister Hamidov B. S.

Chairman of the Cabinet of Ministers

I. Karimov

 

Appendix

to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan of April 21, 1998 No. 167

Procedure for provision of insurance coverage to exporters of the capitals, goods and services

I. General provisions

This procedure determines the mechanism of carrying out insurance of export contracts, and also provisions of insurance coverage of the credits of commercial banks by export contracts with the purpose of protection of interests of the state and national exporters from policy and commercial risks in the international markets of the capital, goods and services.

1. The insurance coverage is provided to exporters - residents of the Republic of Uzbekistan (further referred to as "exporter") and to commercial resident banks of the Republic of Uzbekistan only on the transactions connected with export (including leasing) products having country of source Uzbekistan.

2. Insurance companies legal entities, being the commercial organizations and having the license for implementation of insurance of the corresponding type and assuming obligation to perform payment of insurance indemnity according to the insurance contract are recognized.

3. Insurance of export contracts provides covering of the following risk groups:

Policy risks - the risks connected with adverse changes of political and macroeconomic country situation of the foreign partner, fully or partially interfering accomplishment of the contract commitments assumed by it which are subdivided into the risks connected with accomplishment of export contracts and implementation of investment projects.

Treat the policy risks connected with accomplishment of export contracts:

introduction of embargo on import or export;

the announced or undeclared wars, civil disorders, revolutions, acts of terrorism, sabotage in the country of the foreign partner;

action of the government of the country of the foreign partner, interfering accomplishment of conditions of the signed contract in general or its parts, including introduction of the new legal acts having discrimination nature concerning Uzbekistan;

transfer delay because of shortage of convertible currency in the country of the foreign partner, the announcement of the moratorium on foreign debt service of the country of the foreign partner to Uzbekistan, the limiting payments between Uzbekistan and the country of the foreign partner.

Treat the policy risks connected with implementation of investment projects:

expropriation of property, and also any legislative or administrative measures taken by the country of the foreign partner, attracting to loss of control over property or income gained from it except the non-discriminatory measures of common application entered by the government of the country of the foreign partner for the purpose of regulation of economic activity in the territory;

the announced or undeclared wars, civil disorders, revolutions, acts of terrorism, sabotage in the country of the foreign partner.

Commercial risks - directly connected with financial and economic condition of the foreign partner and expressed in its proved insolvency or bankruptcy and impossibility of accomplishment to them the financial liabilities assumed under the contract.

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