ORDER OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN

of January 28, 2003 No. 19

About approval of the Regulations on insurance agents

According to article 10 of the Law of the Republic of Uzbekistan "About insurance activity" and Item 3 of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 8, 1998 "About measures for state regulation of insurance activity" I order to No. 286:

1. Approve the enclosed Regulations on insurance agents.

2. Enact this order after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

3. From the date of entry into force of this order to declare invalid the Regulations on the insurance agents performing the activities in the territory of the Republic of Uzbekistan, approved by the Ministry of Finance on March 13, 2000 N 28 (reg. N 918 of 11.04.2000. Bulletin of regulations of the ministries, state committees and departments of the Republic of Uzbekistan 2000 N 7).

Approved by the Order of the Ministry of Finance of the Republic of Uzbekistan of January 28, 2003 No. 19

Regulations on insurance agents

This Provision is developed according to article 10 of the Law of the Republic of Uzbekistan "About insurance activity" and Item 3 of the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 8, 1998 No. 286 "About measures for state regulation of insurance activity" and determines conditions of activities of insurance agents in the territory of the Republic of Uzbekistan.

Action of this provision does not extend on insurance brokers.

I. General provisions

1. For the purpose of this provision the following concepts are used:

"Insurance agent" - the physical person or legal entity performing activities for the organization of the conclusion and agreement performance of insurance for and on behalf of the insurer;

"Activities of insurance agent" - the intermediary activities connected with the conclusion and servicing of insurance contracts for and on behalf of the insurer within the powers provided to it by the insurer;

Gosstrakhnadzor - the State inspectorate for insurance supervision under the Ministry of Finance of the Republic of Uzbekistan.

2. Insurance agents perform intermediary activities for the organization of the conclusion and execution of insurance contracts on the basis of the agreements of the order (agency agreements) signed with insurers.

II. The services provided by insurance agents

3. If other is not stipulated by the parties in the agreement of the order (agency agreement), activities of insurance agent include:

search of clientele for the conclusion of the insurance contract;

provision to insurers of information on the insurer;

consultation of insurers on the types of the insurance services performed by the insurer, explanation to insurers of opportunities of the conclusion of the insurance contract with various conditions and the help in the choice of optimal variant of the contract with the purpose of the maximum covering of insurance risk and minimization of expenses of the insurer on recovery of losses and consulting services in general in insurance interesting them;

collection from public sources, without interfering with private life of the insurer, data on risk and the insurer for the purpose of provision to the insurer of more complete information about the risks accepted from the insurer;

preparation or execution of necessary documents for the conclusion of the insurance contract (insurance policy), agreement signature of insurance upon name of the insurer;

ensuring timely obtaining by the insurer of any information concerning essential changes of conditions of risk during the insurance contract;

ensuring timely and high-quality exchange of information between the insurer and the insurer in case of origin and in settlement process of insurance claims;

the organization of insurance payments on behalf and at the expense of the insurer in the presence of the relevant agreement;

according to the conferred powers collection of insurance premiums (premiums) to insurance contracts;

other services connected with intermediary activities for insurance except listed in item 4 of this provision.

4. It is not allowed:

the conclusion insurance agent of insurance contracts on behalf of the insurers who do not have the license for implementation of insurance of the corresponding type;

the intermediary activities for insurance in the territory of the Republic of Uzbekistan connected with the conclusion of insurance contracts on behalf of the foreign insurance companies which are not registered in accordance with the established procedure in the territory of the Republic of Uzbekistan if interstate agreements with participation of the Republic of Uzbekistan do not provide other.

5. Insurance agents - physical persons have no right to write out according to insurance contracts documents on the name, and in case of cash payment of payments - addressed to close relatives (the father, mother, the wife, the husband, the son, the daughter, the sister and the brother), and also to sign insurance contracts in own favor and at the same time to act as insurance agent under this agreement of insurance.

III. Rights and obligations of insurance agent

6. The insurance agent has the right to perform intermediary activities for any kind of insurance within the powers conferred by the insurer including on obligatory types of insurance if other is not provided by the current legislation.

7. The specific list of the rights and obligations of insurance agent is determined by the agreement of the order (agency agreement). - to physical person, within five days from the date of the conclusion of the agreement of the order (agency agreement), the official ID of the established form (Appendix to this Provision) is issued to the insurance agent,

8. The insurance agent has the right:

render necessary assistance in case of assessment of the insurance risk accepted on insurance on implementation of insurance payment in case of loss occurrence and in payment of insurance premium by the insurer in full in the terms established in the insurance contract;

obtain from the insurer of the data on availability licenses, the size of the authorized capital, insurance reserves and undertaken obligations, and also other indicators of its solvency and financial stability;

perform intermediary activities for any kind of insurance within the powers conferred by the insurer including on obligatory types of insurance;

prepare and process necessary documents for the conclusion of the insurance contract (insurance policy);

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