of April 5, 2002 No. 358-II
About insurance activity
The purpose of this Law is regulation of the relations in the field of insurance activity.
The legislation on insurance activity consists of this Law and other acts of the legislation.
If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about insurance activity then are applied rules of the international treaty.
Insurance is protection of interests of legal entities or physical persons by payment by it according to the insurance contract of insurance indemnity (insurance sum) at the expense of the cash funds created of the insurance premiums and also other means of the insurer paid by them in case of approach of certain event (insured event).
The insurance activity represents the activities of professional participants of the insurance market connected with insurance implementation.
Insurance is subdivided into the following industries:
life insurance (insurance of the interests connected with life, health, working capacity and cash cover of physical persons where the minimum term of insurance under the agreement constitutes one year and includes one-time or periodical payments of the insurance sums comprising the increased percent stipulated by the insurance contract (annuities);
general insurance (the personal, property insurance, liability insurance and other types of insurance which are not relating to life insurance industry).
According to general characteristics of insurance risks or their groups and the related obligations of industry of insurance are subdivided into types (classes) of insurance. Types (classes) of insurance are determined by the Cabinet of Ministers of the Republic of Uzbekistan.
Subjects of insurance activity are professional participants of the insurance market.
Professional participants of the insurance market are insurers, insurance intermediaries, adzhaster, actuaries, insurance surveyor, and also assistans.
Insurance intermediaries are the insurance broker, the reinsurance broker and insurance agent.
The insurer is recognized the legal entity, the license for the implementation of insurance of the corresponding type which is the commercial organization, having and obligation assuming according to the insurance contract to perform payment of insurance indemnity (insurance sum).
Insurers cannot be engaged in the business activity which is directly not connected with insurance implementation, except as specified, of the stipulated in Article 6-1 this Law.
The insurer has the right:
sign insurance contracts (reinsurance) according to the procedure and on the conditions established by the legislation;
in accordance with the established procedure to reassure the obligations, including outside the Republic of Uzbekistan;
perform investing activities according to the procedure and on the conditions determined by specially authorized state body;
perform professional activity in the security market as the investment intermediary. At the same time receipt by the insurer of the license for implementation of the specified type of activity is not required;
perform the activities connected with advanced training of specialists in insurance fields (reinsurance), and also insurance mediation as insurance agent;
finance actions for prevention and the prevention of approach of insured events according to the procedure and on the conditions established by the legislation;
establish rules (condition) on the types of insurance performed by the insurer according to the legislation;
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