The instruction for application of the Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan

Approved by the Main State Tax Authorities of Turkmenistan and the Ministry of Economics and Finance of Turkmenistan of July 23, 1997 No. 20

This instruction is developed according to Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan approved by the resolution of the President of Turkmenistan of June 9, 1997 No. 3192.

I. General provisions

1. Penalties for violation of the insurance legislation of Turkmenistan are imposed by the Ministry of Economics and finance of Turkmenistan and are subject to payment in the Centralized budget of Turkmenistan.

2. Action of this instruction extends on all legal entities of Turkmenistan and other states who are in the territory of Turkmenistan.

3. Penalties are paid in currency of Turkmenistan.

II. Sizes of penalties and procedure for their imposing

4. The penalties imposed on insurance companies (insurers, overcautious persons) and insurance brokers are established in the following sizes:

for accomplishment of insurance, reinsurance and broker activity on insurance without license - in the amount of the received insurance payment (commission);

for implementation of the activities which are not connected with insurance - in the amount of the gained income;

for violation of the statutory rules connected with forming and placement of insurance reserves, unreasonable change of insurance rates - in the amount of income gained from them, and in case of the further violation allowed within year after application of economic sanctions - in double size;

for adoption of obligations to insurers in the amounts exceeding possibility of their accomplishment - in the amount of percent 0,5 from the amount of excess of obligations.

5. The penalties imposed on insurers are established in the following sizes:

for factual determination of the conclusion by insurers of insurance contracts with the insurance companies which do not have the license for implementation of insurance activity in the territory of Turkmenistan - in the amount of insurance payment;

for not providing with insurance protection of the objects of insurance which are subject to the national compulsory insurance - in tenfold extent of the average level of the salary, and in case of the subsequent failure to provide insurance protection of these objects within a month - in twentyfold extent of the average level of the salary.

6. Imposing of the penalties provided by items 4 and the 5th this Instruction is performed by the Ministry of Economics and finance of Turkmenistan based on the documents submitted:

- bodies of the State tax authorities;

- other state governing bodies to which functions on control of activities of legal entities of Turkmenistan and other states which are in the territory of Turkmenistan are assigned;

- managements and departments of the ministry.

In case of identification of violations of the insurance legislation the above-stated bodies shall inform the Ministry of Economics and finance of Turkmenistan and its bodies in welayats, the cities and etraps for adoption of relevant decisions.

III. Procedure for collection of penalties and their accounting in tax authorities

7. Collection of penalties from insurance companies (insurers, overcautious persons), insurance brokers and insurers for violation of the insurance legislation of Turkmenistan is made in bezaktsentny procedure by bodies of the State tax authorities based on the order of the Minister of Economy and Finance of Turkmenistan or sweep up it tel.

The order of the minister (deputy minister) of economy and finance of Turkmenistan goes to 5-day time the Main state tax authorities of Turkmenistan, the copy of the order - to relevant organ of the State tax authorities for its execution and the copy of the order of insurance company (the insurer, the overcautious person), to insurance broker, the insurer from whom collection of penalties is made, and shall be turned to execution into 2 weeks time from the date of its obtaining.

The order can be appealed judicially in 10-day time from the date of its obtaining. In case of submission of the claim execution of the order stops before decision making by court.

8. Bodies of the State tax authorities on receipt of the order of the minister (deputy minister) of economy and finance exercise control of completeness and timeliness of payment by the relevant insurance companies, insurance brokers and insurers of the inflicted penalties and in five-day time after receipt them in the budget notify the Ministry of Economics and finance of Turkmenistan and the Main state tax authorities of Turkmenistan in form, according to appendix 1 to this Instruction.

9. Unpaid in terms, stipulated in Item the 7th this Instruction, the amount of penalties are considered as shortage and No. 12, registered by the Ministry of Justice of Turkmenistan on March 13, 1996 for No. 68, are collected in indisputable procedure without charge of penalty fee according to the Instruction of the Main state tax authorities of Turkmenistan of January 15, 1996 what the Ministry of Economics and finance of Turkmenistan is also notified on.

10. The collected penalties are enlisted in the income of the Centralized budget of Turkmenistan by code 21005 "Administrative penalties and other sanctions (except for the penalties and sanctions paid for violation of the tax legislation)" classifications of budget receipts of Turkmenistan.

11. Accounting of the amounts of penalties collected in budget receipt is performed by tax authorities in cards of personal accounts in the forms established by the Main state tax authorities of Turkmenistan.

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