LAW OF THE REPUBLIC OF TAJIKISTAN

of July 23, 2016 No. 1349

About insurance activity

Accepted by the Resolution MH MOPT of May 27, 2016, No. 457

Approved by the Resolution MM MORT of July 15, 2016, No. 276

This Law establishes legal, economic and organizational basis of insurance activity and is aimed at providing protection of valuable interests of physical persons and legal entities in case of insured events.

Chapter 1. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

- insurance activity - the activities of the insurance (reinsurance) organization connected with the conclusion and execution of insurance contracts (reinsurance), performed based on the license of body of insurance supervision according to requirements of the legislation of the Republic of Tajikistan;

- body of insurance supervision - the National Bank of Tajikistan performing functions on regulation and supervision in the sphere of insurance activity;

- insurance - the relations on protection of legitimate valuable interests of physical persons and legal entities in case of approach of certain insured events at the expense of the cash funds created by insurance companies of the paid insurance premiums (insurance premiums) and also at the expense of other means of insurance companies;

- object of insurance - the valuable and private non-property interests of the insurer which are not contradicting the legislation of the Republic of Tajikistan provided in the insurance contract;

- professional participants of the insurance market - the insurance (reinsurance) organizations, insurance broker, the actuarial and adzhastersky organizations, the insurance surveyor performing activities based on the license of body of insurance supervision;

- compulsory national insurance - the insurance financed by the government budget;

- compulsory insurance - insurance in case of which according to the law the obligation is assigned to person specified in it to insure as the insurer life, health or property of other person, or the civil responsibility before other person at own expense, or at the expense of the interested person, applicable to preferential objects of insurance, protection of valuable interests of physical persons and legal entities according to which insurance event, the insurance sum, insurance premium (insurance premium), insurance payment (insurance indemnity) according to the law are determined as obligatory regulation;

- general insurance - personal, property insurance, insurance grazhdansko - legal responsibility and other types of insurance which are not relating to life insurance industry;

- life insurance - the type of insurance providing implementation of insurance payment in cases of death of insured person or in the period of his life, before the termination of term of insurance, or specified in the insurance contract of age;

- insurance to approach of certain event in life - the type of accumulative insurance providing implementation of insurance payment in the determined sum in cases of approach of in advance stipulated event of lives (weddings or the child's births) insured person;

- accident insurance - the type of insurance providing implementation of insurance payment in the determined sum and (or) in the amount of partial or total compensation of insured expenses in cases of death, occupational disease, partial or full disablement or damnification to health of insured person as a result of accident;

- sickness insurance - the type of insurance providing implementation of insurance payment in the determined sum and (or) in the amount of partial or total compensation of expenses of insured person in connection with disease or other disorder of health;

- insurance of vehicles - the type of insurance providing implementation of insurance payment in the amount of partial or total compensation of damage caused to the valuable interests of person connected with ownership, use, the order of the vehicle including theft or stealing and also owing to harm, damage or its destruction;

- cargo insurance - the type of insurance providing implementation in the amount of partial or total compensation of insurance indemnities of damage caused to the valuable interests of person connected with ownership, use, the order of freight, including baggage, goods and all other types of products owing to their damage, destruction, loss, irrespective of transportation method;

- proprietary insurance - the type of insurance providing implementation of insurance indemnities in the amount of partial or total compensation of damage caused to the valuable interests of person connected with ownership, use, the order of property owing to its damage, destruction or theft;

- insurance of civil responsibility - the type of insurance providing implementation of insurance indemnities (insurance payments) in the amount of partial or total compensation of damage caused to the valuable interests of person connected with its obligation to indemnify damage caused to the third parties owing to insurance of all risks;

- insurance of civil responsibility of owners of vehicles - the type of insurance providing implementation of insurance indemnities (insurance payments) in the amount of partial or total compensation of damage caused to the valuable interests of person connected with its obligation to indemnify damage caused to the third parties in connection with use of the vehicle by it, including civil responsibility of carrier;

- loans insurance - the type of insurance providing payment of insurance indemnities in case of losses of the creditor as a result of non-execution by the insurer (borrower) of obligations to the creditor;

- mortgage insurance - the type of insurance providing partial or complete payment of insurance indemnities of damage caused as a result of non-execution by the borrower of the undertaken agreement obligations of mortgage housing loan;

- insurance of guarantees - the type of insurance providing implementation of insurance indemnities in the amount of partial or total compensation of damage caused to valuable interests of person which provided guarantee as a result of execution undertaken guarantees or guarantees;

- insurance upon other financial losses - the type of insurance providing implementation of insurance indemnities in case of losses as a result of loss of work, the income, natural natural disasters, contingencies, loss of market value and other losses as a result of implementation of financial and economic activities;

- insurance of court costs - the type of insurance providing implementation of insurance indemnities in case of losses of the insurer (insured) as a result of the expenses incurred by it in connection with legal proceedings;

- personal insurance - insurance of valuable interests of physical person, the lives concerning it, health, working capacity and others, connected with the identity of both the insurer, and another called in the agreement, persons (insured);

- insurance company - the legal entity performing insurance activity based on the corresponding license of body of insurance supervision;

- the assignor - the insurance company which yielded part of insured risk in reinsurance;

- insurer - the physical person or legal entity which signed the insurance contract with insurance company;

- prudential standard rates of the insurance (reinsurance) organizations - the economic regulations established by body of insurance supervision for the purpose of regulation of activities of the insurance (reinsurance) organizations which observance is obligatory for the insurance (reinsurance) organizations;

- insured person - physical person for benefit of which the agreement of personal insurance, or physical person or legal entity which responsibility is insured according to insurance contracts of civil responsibility is signed;

- the beneficiary - the physical person or legal entity designated by the insurer in the insurance agreement for receipt of insurance payment (insurance indemnities), entered in the insurance policy;

- branch of the foreign insurance (reinsurance) organization - the separate structural division founded by the foreign insurance (reinsurance) organization for implementation of insurance activity, including as representation in the Republic of Tajikistan and registered by the state according to the procedure, established by the legislation of the Republic of Tajikistan;

- reinsurance - activities of one insurance (reinsurance) organization for protection of the valuable interests of other insurance company (reinsurer) connected with acceptance by the last according to the insurance contract (basic agreement) of obligations on insurance payment;

- facultative reinsurance - reinsurance in case of which the reinsurer has the right to transfer to the reinsurance organization to reinsurance the obligation or its part on insurance payment (insurance indemnity) for the signed basic agreement the reinsurance organization has the right to reassure the specified obligation or its part, or to refuse its reinsurance;

- obligatory reinsurance - reinsurance in case of which the reinsurer shall transfer to the reinsurance organization to reinsurance the obligation or its part on insurance payment (insurance indemnity) for the signed basic agreement and the reinsurance organization shall reassure the specified obligation or its part;

- the reinsurance organization - the legal entity performing activities for the conclusion and execution of agreements of reinsurance based on the corresponding license of body of insurance supervision;

reinsurance conditions part of the insurance risk assumed by it according to the insurance contract, other insurance (reinsurance) organization;

- joint insurance - the activities for insurance providing in the relation of object of insurance the conclusion by several insurance companies and the insurer of the insurance contract based on which insurance risks, the size of insurance sum, insurance premium (insurance premium) are distributed between insurance companies in the share established by such agreement;

- mutual insurance - insurance by physical persons and legal entities of the property, other valuable and non-property private interests on mutual basis by formation of societies of mutual insurance and consolidation in them means necessary for this purpose;

- society of mutual insurance - the non-profit organization performing proprietary insurance and other valuable interests of the members according to the industry legislation;

- group insurance - insurance according to one insurance contract where life, health and (or) property of several persons can be insured;

- accumulative insurance - the insurance containing elements of saving and funds accumulation, and providing implementation of insurance payment in case of loss occurrence including after the period established by the insurance contract, or other event provided by the insurance contract depending on what of them will come the first for a certain period of time;

- insurance risk - expected event on which case of approach insurance is led;

- insurance rate - insurance coverage unit cost;

- insurance secret - become known in the course of insurance insurance activity (reinsurance) organization and to person performing insurance mediation (the agent, the broker), trade secret of the insurer, insured person or beneficiary, or other data on the insurer, insured person or the beneficiary;

- insurance payment - the amount of money paid by the insurance (reinsurance) organization to the insurer (beneficiary) within insurance sum in connection with loss occurrence;

- insurance premium (insurance premium) - the payment caused by the agreement which the insurer shall pay to the insurance (reinsurance) organization according to the procedure and the terms established by the insurance contract;

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