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Ministry of Justice

Republic of Tajikistan 

 On February 10, 2015 No. 200

ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of February 28, 2015 No. 94

About the Procedure and regulations of deductions of contributions to insurance reserve funds

According to article 116 of the Tax Code of the Republic of Tajikistan the Government of the Republic of Tajikistan decides:

1. Approve the Procedure and regulations of deductions of contributions to insurance reserve funds (are applied).

2. Declare invalid the order of the Government of the Republic of Tajikistan of July 1, 1999, No. 253 "About regulations of contributions to insurance reserve (reserve) funds and in reserves of financing of precautionary actions from the income of the legal entities who are engaged in insurance activity".

3. Enact this resolution after official publication.

Prime Minister of the Republic of Tajikistan

Emomalii Rahmon

Approved by the Order of the Government of the Republic of Tajikistan of February 28, 2015, No. 94

Procedure and regulations of deductions of contributions to insurance reserve funds

1. General provisions

1. This Procedure determines, procedure and regulations of contribution to insurance reserve funds.

2. The basic concepts which are used in this Procedure:

- actuarial methods - the economic-mathematical methods of calculations applied by the actuary when calculating insurance reserves;

- basic insurance premium - insurance premium minus the added commission fee for rendering intermediary services in the conclusion of insurance contracts (reinsurance), in the amount of, not exceeding 35 percent from insurance premium, and reserve of precautionary actions, in the amount of, not exceeding 3 percent from insurance premium;

- settlement date - date for which calculation of insurance reserves is made;

- not earned insurance premium - the part of insurance premium relating to the period of action of insurance protection according to the insurance contract (reinsurance) following settlement date;

- net amount of the earned insurance premium - the part of insurance premium relating to the expired period of insurance protection according to the insurance contract (reinsurance);

- net - award (net - fees in case of payment by installments) - the amount of money estimated by the actuary on the basis of actuarial methods which is subject to payment of the insurance (reinsurance) organization for adoption of obligations by it only on implementation of insurance payments (compensations) without covering of other expenses of the insurance (reinsurance) organization;

- not settled claim - the declared requirement to the insurance (reinsurance) organization on implementation of insurance payment (compensation) according to the insurance contract (reinsurance) on which insurance payment (compensation) was not performed or performed not in full;

- the specified expected cost - the expected (probable) cost of insurance premiums (insurance premiums) either insurance payments (compensations), or expenses calculated (discounted) taking into account interest rate and period of time between settlement date and receipt date of insurance premium (fees) or date of implementation of insurance payment (compensation) for the insurance contract (reinsurance);

- reserve of the declared, but not settled losses - obligations of the insurance (reinsurance) organization on implementation of insurance payments (compensations) for the occurred insured events which approach it was told the insurance (reinsurance) organization before settlement date in accordance with the terms of the insurance contract (reinsurance) and on which insurance payments (compensations) were not performed or performed not in full;

- reserve of not occurred losses - obligations of the insurance (reinsurance) organization on implementation of insurance payments (compensations) for insured events which did not occur for settlement date, but can happen in the future during validity of insurance (reinsurance);

- reserve occurred, but unclaimed losses - obligations of the insurance (reinsurance) organization on implementation of insurance payments (compensations) for the occurred insured events which approach it was not told the insurance (reinsurance) organization before settlement date in accordance with the terms of the insurance contract (reinsurance);

- the overcautious person's share in insurance reserves - part of obligations of the overcautious person according to the insurance contract (reinsurance) for settlement date, except for the obligations connected with payment to the assignor of commission fee for the insurance contract (reinsurance);

- the assignor - the insurance (reinsurance) organization, transferring part of the insurance risk assumed by it according to the insurance contract, other insurance (reinsurance) organization on the conditions determined by the agreement of reinsurance;

- annuity - periodically paid sum of money to physical person insurance company for a number of years or for life according to the signed agreement (agreement).

2. Structure of insurance reserves

2. The insurance reserves obligatory for forming by the insurance (reinsurance) organization, include:

a) the reserve of not earned premiums - is created by the insurance (reinsurance) organization according to insurance contracts (reinsurance) in industry "general insurance" (further - RNP);

b) the reserve of not occurred losses - is created by the insurance (reinsurance) organization according to insurance contracts (reinsurance) in industry "life insurance" (further - RNU);

c) reserves of losses:

- reserve occurred, but unclaimed losses (further - the Russian Party of People's Administration);

- reserve of the declared, but not settled losses (further - RZNU).

3. With additional risks according to the signed insurance contracts (reinsurance), on the basis of the corresponding actuarial conclusion constituted by the actuary, the insurance (reinsurance) organization shall create the additional reserves covering risks according to the signed insurance contracts (reinsurance).

3. General requirements to method of calculation of insurance reserves

4. For ensuring execution of undertaken obligations according to current agreements of insurance and reinsurance the insurance (reinsurance) organization shall have the created insurance reserves in the amount calculated in compliance by Chapter 4 presents of the Procedure.

5. Insurance reserves are created by the insurance (reinsurance) organization separately on each type of insurance.

6. Calculation of insurance reserves is perfromed according to this Procedure and other regulatory legal acts of the Republic of Tajikistan on the basis of conditions of the insurance contracts (reinsurance) signed by the insurance (reinsurance) organization.

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