Resolution of the President of the Republic of Uzbekistan on Comprehensive Measures for Further Development of the Insurance Services Market

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27.12.2024

04.03.2024

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[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.01 General Rules]
[
TSZ:
1.
Finance / Insurance]
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President of the Republic of Uzbekistan
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Resolution
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On Comprehensive Measures for Further Development of the Insurance Services Market Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element To further develop the insurance market, increase the accessibility and quality of insurance services through the widespread introduction of modern information technologies, as well as to further improve regulation in the sector:
[
OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.01 General Rules;
2.
12.00.00.00 Information and Informatization / 12.01.00.00 General Rules of the Information and Informatization Sector]
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1. Starting from September 1, 2024, the following procedure is established:
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   Get a link from the document element the registration of insurance (reinsurance) contracts of all types and the issuance of insurance policies through this system via a unified automated information system are mandatory; Send suggestions for the document Listen to audio Get a link from the document element the practice of issuing insurance policies of all types only in paper form is abolished; Send suggestions for the document Listen to audio Get a link from the document element failure to issue insurance policies through the unified automated information system serves as grounds for recognizing them as invalid and is considered a gross violation of licensing requirements and conditions by the insurer; [ OKOZ:

02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republic State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspectorates and Other Departments]
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The National Agency for Development of Forward-looking Projects maintains and publishes in mass media a rating of insurers based on the quality of insurance services provided by them. Send suggestions for the document Listen to audio Get a link from the document element
2. The following are approved:
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Get a link from the document element the "Roadmap" for further development of the insurance services market of the Republic of Uzbekistan according to Appendix 1; Send suggestions for the document Listen to audio Get a link from the document element the minimum amounts of tiered authorized capital of insurers according to Appendix 2. [ OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republic State Administration Bodies and Economic Management Bodies / 02.03.02.00 Ministries;
2.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.01 General Rules;
3.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republic Budget / 07.05.14.00 Reserve Fund of the Cabinet of Ministers. Guarantee Fund. Development Fund]
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3. Consent is given to the proposal of the National Agency for Development of Forward-looking Projects (hereinafter - the Agency) and the Insurance Payments Guarantee Fund (hereinafter - the Fund) to transfer to the balance sheet of the Agency, at no cost and at book value, the unified automated information system that registers all insurance policies and controls their circulation, as well as the "Uzbek Republic Vehicle Insurance" automated information system, the Single Insurance Portal of Uzbekistan, the Single Registry of Insurance Policies, and the "E-Sugurta servis" single mobile application.
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In this regard, the purchase of new information systems, ensuring their full operation and maintenance, including payment for services of other organizations and specialists related to the development of software and updating (refreshing) information, is financed from the Agency's funds. LexUZ commentary See: Rules for Mandatory Insurance of Civil Liability of Owners of Motor Vehicles approved by Resolution No. 141 of the Cabinet of Ministers dated June 24, 2008. [ OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.02 Mandatory Insurance;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.22.00.00 Lending / 07.22.06.00 Specific Types of Lending / 07.22.06.03 Housing Construction Lending. Mortgage;
3.
11.00.00.00 Environment and Natural Resources / 11.02.00.00 Protection of the Natural Environment and Ensuring Ecological Safety / 11.02.01.00 Protection of the Natural Environment and Ensuring Ecological Safety in Economic Activity (also see 16.04.09.00) / 11.02.01.01 Protection of the Natural Environment and Ensuring Ecological Safety in Industry]
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4. The obligation to ensure the timely issuance of contracts is imposed on:
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Get a link from the document element the Tax Committee and the Ministry of Transport for contracts on mandatory insurance of civil liability of employers and carriers; LexUZ commentary See: Law of the Republic of Uzbekistan "On Mandatory Insurance of Civil Liability of Carriers". See previous edition. Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element the Committee on Industrial, Radiation and Nuclear Safety and the Inspectorate for Control in the Mining Industry and Geology for contracts on mandatory insurance of civil liability for damage to the life, health and (or) property of other persons and the environment in the event of an accident at hazardous production facilities; (Third paragraph of clause 4 - in the edition of the Decree of the President of the Republic of Uzbekistan No. PF-224 dated December 24, 2024 - National Database of Legislation, 27.12.2024, No. 06/24/224/1068) Send suggestions for the document Listen to audio Get a link from the document element the Ministry of Construction and Housing and Communal Services for contracts on mandatory insurance of construction risks in the construction of objects using state funds and loans under government guarantees. LexUZ commentary See: Regulation on Mandatory Insurance of Construction Risks in the Construction of Objects Using State Funds and Loans under Government Guarantees approved by Resolution No. 532 of the Cabinet of Ministers dated December 20, 1999. Send suggestions for the document Listen to audio Get a link from the document element The Agency is designated as responsible for developing and introducing the relevant system (modules, software products) for the mandatory conclusion of contracts of the above-mentioned types of insurance. Send suggestions for the document Listen to audio Get a link from the document element In this regard, expenses related to the performance of the tasks specified in the fifth paragraph of this clause are financed from the Agency's funds. LexUZ commentary See: Rules for Mandatory Insurance of Civil Liability of Employers approved by Resolution No. 177 of the Cabinet of Ministers dated June 24, 2009. Send suggestions for the document Listen to audio Get a link from the document element
5. The Agency:
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Get a link from the document element takes measures to gradually transition to simplifying, automating and forming insurers' reports in a single information system starting from January 1, 2025; Send suggestions for the document Listen to audio Get a document element reviews insurance tariffs for mandatory insurance of civil liability of vehicle owners based on actuarial calculations, taking into account circumstances that significantly affect the level of insurance risk, and submits proposals to the Cabinet of Ministers within three months; Send suggestions for the document Listen to audio Get a link from the document element ensures the simplification of the process of concluding mandatory insurance contracts by automating the calculation of insurance premiums and creating the opportunity to conclude contracts electronically with the right to choose an insurer, together with interested ministries and departments; Send suggestions for the document Listen to audio Get a link from the document element submits a draft law on exempting insured persons (claimants) from paying state duty for claims arising from mandatory insurance contracts within two months. [ OKOZ:
1.
03.00.00.00 Civil Legislation / 03.10.00.00 Law of Obligations / 03.10.05.00 Contract. Conclusion, Amendment and Termination of Contracts;
2.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.01 General Rules]
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6. The following procedure is established:
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Get a link from the document element permission is granted to involve organizations on the basis of a cooperation agreement to develop and launch a system for concluding contracts, automating the calculation of insurance premiums, and submitting applications for insurance cases in electronic form, which complies with the requirements of legislation, as well as the technical specifications and requirements of the Agency; LexUZ commentary See: Articles 27, 52 of the Civil Code of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a link from the document element Starting from September 1, 2024, the conclusion of mandatory insurance contracts envisaged in clause 5 of this resolution is carried out in the form of a public offer through the information systems of the Agency, interested ministries and departments, as well as other involved organizations. LexUZ commentary See: Law of the Republic of Uzbekistan "On Insurance Activity". [ OKOZ:
1.
02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republic State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspectorates and Other Departments;
2.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.22.00 Insurance / 03.11.22.02 Mandatory Insurance;
3.
18.00.00.00 Prosecutor's Office. Bar. Notariat. Legal Services. Justice Bodies. FHDY Bodies / 18.01.00.00 Prosecutor's Office / 18.01.01.00 General Rules]
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7. The Prosecutor General's Office, together with the Agency, establishes effective control over the precise and uniform implementation of legislative acts on mandatory insurance.
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8. It is established that the funds of calendar fees of insurers (reinsurers) determined in accordance with
Appendix 3
are directed to the Agency.
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In this regard, the relevant amounts of unpaid calendar fees for 2023 by insurers (reinsurers) must be transferred to the personal treasury account of the Agency. Send suggestions for the document Listen to audio Get a link from the document element
9. The Ministry of Higher Education, Science and Innovations, together with the Agency, submits relevant proposals within three months to reduce the study period for the insurance studies educational direction of bachelor's degree from four years to three years by reducing non-core subjects, by reviewing national standards and educational programs of higher education based on advanced foreign experience, taking into account the needs of the national insurance market.
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10. The Agency, the Ministry of Economy and Finance, and the Ministry of Construction and Housing and Communal Services ensure that financing of objects constructed using state budget funds and loans under government guarantees is not allowed in the absence of an insurance policy for mandatory insurance of construction risks (for the full construction period) by developing and introducing relevant modules in the information systems of the Ministry of Economy and Finance starting from July 1, 2024, as well as integrating them with the "Transparent Construction" national information system and the Agency's single information system.
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11. The Agency, having studied the experience of advanced foreign countries, submits proposals to the Administration of the President of the Republic of Uzbekistan by January 1, 2025, envisaging:
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Get a link from the document element the gradual introduction of a system for mandatory insurance of real estate of legal entities from natural and technogenic disasters; Send suggestions for the document Listen to audio Get a link from the document element the gradual introduction of Takaful principles and products; Send suggestions for the document Listen to audio Get a link from the document element the gradual expansion of assigned types of insurance; Send suggestions for the document Listen to audio Get a link from the document element the introduction of "Green insurance" products; Send suggestions for the document Listen to audio Get a link from the document element increasing and further developing the coverage of voluntary medical insurance. Send suggestions for the document Listen to audio Get a link from the document element
12. The Agency for Information and Mass Communications, the Agency, the Uzbek National Information Agency, and the Uzbek National Television and Radio Broadcasting Company ensure wide coverage of the content of this resolution in mass media, as well as the organization of thematic programs and broadcasts aimed at raising insurance culture and increasing public confidence in insurance services.
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13. Amendments and additions are made to some resolutions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan in accordance with
Appendix 4
.
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14. Some resolutions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan are considered to have lost their force in accordance with
Appendix 5
.
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15. The Agency, together with interested ministries and departments, submits proposals to the Cabinet of Ministers within three months on amendments and additions to legislative acts arising from this resolution.
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16. Control over the implementation of this resolution is entrusted to the Prime Minister of the Republic of Uzbekistan A.N. Aripov.
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President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get a link from the document element Tashkent city, Send suggestions for the document Listen to audio Get a link from the document element March 1, 2024, Send suggestions for the document Listen to audio Get a link from the document element PQ-108 Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element Resolution No. PQ-108 of the President of the Republic of Uzbekistan dated March 1, 2024

APPENDIX 1
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Roadmap for Further Development of the Insurance Services Market of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a link from the document element Send suggestions for the document Listen to audio Get a link from the document element

No.

Measures

Implementation Mechanism

Implementation Form

Implementation Period

Responsible Executors

I. Creation of a normative and legal base aimed at protecting the interests of insurance services consumers on the basis of international insurance principles (Basic Principles of Insurance), as well as improving regulatory and legal documents regulating this sector

Introducing amendments and additions to the Laws of the Republic of Uzbekistan "On Insurance Activity", "On Licensing, Permitting and Notification Procedures", and "On State Duty" regarding the regulation of insurance activity.

Submitting a draft law to the Cabinet of Ministers containing the following amendments and additions to the Laws of the Republic of Uzbekistan "On Insurance Activity", "On Licensing, Permitting and Notification Procedures", and "On State Duty":

a) introducing a procedure for notifying the competent authority about the commencement or termination of activities of reinsurance brokers, surveyors, adjusters, assistants, and actuarial organizations;

b) conducting interviews with the heads and chief accountants of insurers (reinsurers) and insurance brokers to verify their knowledge of legislative acts on insurance activity and accounting;

c) granting the competent state authority the right to collect, store, and process information constituting insurance and bank secrecy;

d) measures to restrict the distribution of profits by insurers (reinsurers) in case of violation of prudential norms, as well as in the event of insolvency (illiquidity) or the emergence of signs of such insolvency (illiquidity) as a result of such distribution;

e) exempting insured persons (claimants) from paying state duty for claims arising from mandatory insurance contracts.

Draft Law

September 2024

National Agency for Development of Forward-looking Projects

(NADFP)

Approval of the updated procedure for imposing fines on insurers (reinsurers) for violating legislative acts on insurance activity, including established economic norms.

Development of a normative and legal document on the application of fine sanctions, additionally providing for the following liabilities:

a) for failure to consider applications (consideration of insurance claims) or failure to pay insurance compensation within the time limits established by legislative acts on mandatory types of insurance;

b) for appointing heads and chief accountants of insurers, insurance brokers, and their separate divisions without agreement with the competent authority;

c) for failure to comply with mandatory submissions and/or instructions of the competent state authority, including failure to comply in a timely manner;

d) for failure to comply with the requirement that funds in the accounts (currency and other bank accounts) of the insurer (reinsurer) must be no less than 3 percent of the amount of insurance compensation calculated over the past twelve months.

Draft Normative and Legal Document

April 2024

NADFP

Improving the procedure for providing insurance services in electronic form.

Development of an updated procedure for providing insurance services in electronic form, including:

a) registration of insurance contracts and formation of insurance policies of all types through the unified information system;

b) automation of the calculation of insurance premiums, ensuring the opportunity to conclude contracts electronically in mandatory order with the right to choose an insurer, as well as simplifying the process of concluding mandatory insurance contracts through other measures;

c) regulation of insurance claims;

d) requirements and conditions for the use of the unified information system by insurers, as well as the suspension of full or partial use of the unified information system during the period of eliminating violations based on the Agency's directive.

Draft Normative and Legal Document

May 2024

NADFP,
Ministry of Digital Technologies

Strengthening control over mandatory insurance of civil liability of carriers for persons carrying out transport activities.

Ensuring the introduction of amendments to the traffic rules providing for the requirement for persons carrying out transport activities to have a policy of mandatory insurance of civil liability of the carrier.

Draft Normative and Legal Document

May 2024

Ministry of Internal Affairs,
Ministry of Transport

Strengthening the requirements for mandatory insurance of civil liability for damage to the life, health and (or) property of other persons and the environment in the event of an accident at a hazardous production facility.

Establishing administrative liability measures for violating the requirements for mandatory insurance of civil liability for damage to the life, health and (or) property of other persons and the environment in the event of an accident at a hazardous production facility.

Draft Law

May 2024

Inspectorate for Control in Mining, Geology and Industrial Safety

II. Expanding the infrastructure of the national insurance market by introducing advanced insurance experience of foreign states

Establishing the procedure for determining and maintaining a rating of insurers based on the quality of provided insurance services.

Development of a draft regulation on the procedure for determining and maintaining the Rating of Insurers, taking into account the quality of provided insurance services, including the following criteria:

a) the adequacy ratio of the solvency margin of the insurance organization;

b) the number of insurance claims considered in a timely manner relative to the total number of insurance claims;

c) the number of insurance compensations paid in a timely manner relative to the total number of insurance claims;

d) the number of appeals (complaints) from insurance services consumers to the Agency relative to the total number of insured persons;

e) the ratio of satisfied insurance claims to the total number of insurance claims;

f) the ratio of accumulated insurance premiums to insurance payments by type of insurance.

Draft Departmental Normative and Legal Document

July 2024

NADFP,
Chamber of Commerce and Industry,
Ministry of Justice

Introducing the practice of carrying out mandatory insurance of civil liability of employers only by insurance organizations licensed in the life insurance sector.

1. Study and analysis of international experience.

2. Analysis of national legislation for the purpose of implementing international experience.

3. Preparation of proposals based on the results of analysis and submission to the Administration of the President.

Analytical Report

November 2024

NADFP

Introducing the practice of insurance of civil liability of tour operators.

1. Study and analysis of international experience.

2. Analysis of national legislation for the purpose of implementing international experience.

3. Preparation of proposals based on the results of analysis and submission to the Administration of the President.

Analytical Report

December 2024

NADFP

III. Improving insurance services provision processes, increasing the quality and accessibility of insurance services through rapid digitalization of the insurance market and introducing modern methods of regulating the activities of professional participants of the insurance market

Ensuring the exchange of relevant information on mandatory insurance types between the information systems of ministries and departments and the unified information system.

1. Develop a technical guideline for the integration of interdepartmental information systems involving the exchange of the following information:

information on persons holding permits (licenses) for activities related to passenger transport;

information on contracts concluded for the construction of objects financed from state budget funds and loans under Government guarantee;

information on organizations using hazardous production facilities associated with the risk of causing harm to the life, health, and property of other persons and the environment;

information on employers;

information on mandatory insurance contracts and insurance policies.

Technical Guideline

April 2024

ILMA

Ministry of Transport,
Ministry of Construction and Housing and Communal Services Inspectorate for Mining, Geology, and Industrial Safety Ministry for Reduction of Poverty and Employment, State Tax Committee

2. Collect and process information submitted to ensure the conclusion of mandatory insurance contracts, forwarding it subsequently.

3. Conduct tests for information exchange.

4. Launch online information exchange.

Information Exchange System

July 2024

Introduce a mechanism in the State Tax Committee's "my.soliq.uz" electronic system for employers and carriers to conclude contracts for mandatory insurance of civil liability.

Develop and introduce the following services:

1. Automatic identification of employers and carriers who do not have a valid mandatory insurance policy when submitting regular tax reports.

2. Opportunity to accept a mass offer with the right to choose the insurer for concluding an insurance contract on a mandatory basis.

3. Automatic calculation of the insurance premium amount in accordance with legislation.

4. Sending the insurance policy to the taxpayer's personal account.

5. Sending applications regarding insurance events to the insurance company.

Electronic Insurance Services

July 2024

ILMA,
State Tax Committee,
Ministry for Reduction of Poverty and Employment, Ministry of Transport

Introduce an electronic system mechanism for concluding contracts for mandatory insurance of construction risk during the construction of objects financed from state budget funds and loans under Government guarantee.

Develop and introduce the following services:

1. Automatic identification of legal entities that do not have a valid mandatory insurance policy.

2. Opportunity to conclude an insurance contract with the right to choose the insurer.

3. Sending the insurance policy to the policyholder.

4. Sending applications regarding insurance events to the insurance company.

Electronic Insurance Services

July 2024

ILMA,
Ministry of Construction and Housing and Communal Services

Introduce a mechanism for concluding contracts electronically for mandatory insurance of civil liability for harm caused to the life, health, and/or property of other persons and the environment in case of an accident at a hazardous production facility.

1. Include the requirement for the presence of a policy for mandatory insurance of civil liability for harm caused to the life, health, and/or property of other persons and the environment in case of an accident at a hazardous production facility in the requirements and conditions for licensing the design, construction, and operation of high-risk objects and potential hazardous production facilities.

Draft of a normative legal act

May 2024

ILMA,
Inspectorate for Mining, Geology, and Industrial Safety

2. Develop and introduce the following services:

a) automatic identification of legal entities that do not have a valid mandatory insurance policy.

b) opportunity to conclude an insurance contract with the right to choose the insurer.

c) sending the insurance policy to the policyholder.

d) sending applications regarding insurance events to the insurance company.

Electronic Insurance Services

July 2024

Develop proposals for aligning the methodology for forming insurance reserves and determining the solvency of insurers (reinsurers) with Solvency II standards.

1. Study and analyze international experience.

2. Analyze national legislation for the purpose of implementing international experience.

3. Prepare proposals based on the results of the analysis and submit them to the Presidential Administration.

Analytical Report

July 2025

ILMA

Association of Professional Participants of the Uzbek Insurance Market, Association of Actuaries of Uzbekistan

Establish the requirement for the presence of a policy for mandatory insurance of civil liability for harm caused to the life, health, and/or property of other persons and the environment in case of an accident at a hazardous production facility when licensing activities related to the design, construction, and operation of high-risk objects and potential hazardous production facilities.

Amendments and additions to the Passport for Licensing Activities Related to the Design, Construction, and Operation of High-Risk Objects and Potential Hazardous Production Facilities, approved by Resolution No. 80 of the Cabinet of Ministers of the Republic of Uzbekistan dated February 22, 2022.

Draft of a normative legal act

May 2024

Ministry of Construction and Housing and Communal Services, Inspectorate for Mining, Geology, and Industrial Safety

Review insurance tariff coefficients for mandatory insurance of employers' civil liability and the classification of the degree of hazard of employers' activity types, establishing coefficients and OKED codes by professional hazard classes for economic sectors (sub-sectors).

Introduce amendments to the normative legal act through its review, specifically:

insurance tariff coefficients for each class;

OKED code designation for each sector (sub-sector) of the economy by professional hazard classes.

Draft of a normative legal act

October 2024

ILMA,
Ministry for Reduction of Poverty and Employment, State Statistics Agency, State Tax Committee

Critically review and ensure the compliance of normative legal acts regulating the insurance and investment activities of insurance companies with modern requirements.

Prepare updated versions of the following departmental normative legal acts:

1. Regulation on Insurance Reserves of Insurers, including:

introducing an acquisition cost reserve to account for the unearned portion of payments made to insurance agents, establishing that the formation of the acquisition cost reserve shall be carried out in full upon the entry into force of the insurance contract and calculated proportionally to the remaining term of the insurance period.

2. Regulation on the Solvency of Insurers and Reinsurers.

3. Regulation on the Investment Activity of Insurers and Reinsurers.

4. Regulation on the Procedure for Providing Actuarial Services.

5. Internal control rules for combating money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction for insurers and insurance intermediaries.

6. Regulation on the Temporary Administration of an Insurer.

7. Regulation on Qualification Requirements for the Head and Chief Accountant of an Insurer, Insurance Broker, and Their Separate Divisions.

8. Regulation on Unified Requirements and Standards for Providing Reinsurance Services and adapting it to modern requirements, including reinsurance against natural and technological disasters.

Draft of a normative legal act

Throughout 2024-2025

ILMA,
Association of Actuaries of Uzbekistan

Prepare and distribute promotional materials to popularize insurance services.

1. Prepare promotional materials about insurance services and their advantages.

2. Distribute promotional materials about insurance services in mass media to popularize insurance among the population and promote it widely.

3. Hold briefings, conferences, and practical seminars in this area.

4. Prepare and broadcast educational TV programs and radio broadcasts on the simplified procedure for recording road traffic accidents by filling out a notice (European protocol) through the "E-Sugurta servis" mobile application without the participation of police officers.

Organizational Measures Package

Throughout 2024-2025

ILMA,
AOKA,
UzMTRK,
Association of Professional Participants of the Uzbek Insurance Market

IV. Improving the system for training specialists in the insurance market, developing international cooperation, and increasing the insurance culture of the population and entrepreneurs

Expand cooperation with the International Association of Insurance Supervisors (IAIS).

Participate in events organized by the International Association of Insurance Supervisors.

Organizational Measures

Annually starting from 2024

ILMA,
Ministry of Foreign Affairs

Establish cooperation in the field of insurance activities with similar structures of foreign states, international financial institutions, and other foreign organizations.

1. Hold seminars and meetings with experts from international financial institutions and other foreign organizations.

2. Establish experience exchange with similar structures of foreign states.

Organizational Measures

Throughout 2024-2027

ILMA

Ensure the regular improvement of the qualifications of employees of the highest governing bodies of insurance companies.

Improve the qualifications of employees of the highest governing bodies of insurance companies at least once every two years. In this regard:

a) employee training:

for employees of highest governing bodies — 80 academic hours;

for employees of middle management — 100 academic hours;

for division heads and their employees — 120 academic hours;

b) introduce a system for allocating at least 3 percent of the wage fund for employee training and qualification improvement.

Organizational Measures

Throughout 2024-2027

Ministry of Higher Education, Science and Innovation, ILMA, Association of Professional Participants of the Uzbek Insurance Market

Annex 2 to the Resolution of the President of the Republic of Uzbekistan dated March 1, 2024 No. PQ-108

MINIMUM AMOUNTS OF GRADUATED STATUTORY CAPITAL OF INSURERS

in million UZS

No.

Types of Insurance Activity

From October 1

2025

2027

2029

Voluntary insurance in the field of general insurance

35,000

45,000

60,000

Mandatory insurance in the field of general insurance

50,000

75,000

100,000

Voluntary insurance in the field of life insurance

25,000

30,000

35,000

Mandatory insurance in the field of life insurance

40,000

45,000

50,000

Reinsurance only

80,000

100,000

120,000

Annex 3 to the Resolution of the President of the Republic of Uzbekistan dated March 1, 2024 No. PQ-108

PROCEDURE FOR DETERMINING AND PAYING THE CALENDAR FEE

1. Insurance (reinsurance) companies pay the calendar fee by transferring the relevant amount of funds to the personal treasury account of the National Agency for Development Projects (hereinafter referred to as the Agency) within five working days after being notified by the Agency for each quarter.

2. The calendar fee rate is set at 0.2 percent of the net insurance premiums of insurance (reinsurance) companies.

3. For each passed quarter, the fee is calculated by subtracting outgoing reinsurance premiums from the sum of insurance premiums for direct insurance and co-insurance (the share specified in the co-insurance agreement of the insurance company) and incoming reinsurance premiums.

4. 80 percent of the calendar fee amount is directed to finance the shortfall in insurance (reinsurance) payments or refundable insurance premiums to policyholders (insured persons, beneficiaries) in the event that an insurer (reinsurer) is declared bankrupt.

The remaining part of the calendar fee sum is directed to the following purposes:

organizing comprehensive measures aimed at developing the insurance market, increasing public trust in the insurance market, and developing insurance culture in society, as well as organizing seminars, conferences, and forums on insurance activity issues with the involvement of international experts and specialists;

training, retraining, and improving the qualifications of Agency managers and employees, including organizing such activities abroad;

covering expenses related to the involvement of national and foreign specialists, international and foreign organizations, as well as consulting organizations;

financing the Agency's current expenses;

covering expenses related to the Agency's governance and management functions, including expenses for forming and maintaining an electronic database;

covering expenses for the services of third-party organizations and specialists related to the development, purchase, implementation, and use of information systems, as well as the development of software and updating information entered into the information system;

financing expenses in the field of information security, including payments for engineering and consulting services, data processing services, and others;

covering representation and event expenses aimed at improving Agency activities (preparing videos, periodicals, brochures, booklets, books, collections, holding conferences, round tables, seminars, etc.);

paying salaries to employees, their material incentives: including bonuses, additional payments and allowances, as well as social security;

paying bonuses to Agency employees for long-term service in the insurance sector and/or within the Agency system;

providing material assistance to employees.

5. Temporary idle funds of calendar fees may be placed in deposits of commercial banks.

6. The transfer and temporary receipt of calendar fee funds from the Agency's accounts for purposes not provided for in this Procedure is prohibited.

Annex 4 to the Resolution of the President of the Republic of Uzbekistan dated March 1, 2024 No. PQ-108

AMENDMENTS AND ADDITIONS BEING MADE TO SOME RESOLUTIONS OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN AND THE GOVERNMENT OF THE REPUBLIC OF UZBEKISTAN

1. In paragraph 3, third sub-paragraph of Resolution No. PQ-872 of the President of the Republic of Uzbekistan dated May 21, 2008 "On Additional Measures for Further Reform and Development of the Insurance Services Market," the following wording shall be stated:

"candidates recommended for the positions of head of an insurer, head of an insurance broker, and their separate divisions, and chief accountants shall be appointed (elected) if they meet the qualification requirements established in the Regulation on Qualification Requirements for the Head of an Insurer, Insurance Broker, and Their Separate Divisions and Chief Accountants."

2. In paragraph 4, fourth sub-paragraph of Resolution No. PQ-4412 of the President of the Republic of Uzbekistan dated August 2, 2019 "On Measures for Reforming the Insurance Market of the Republic of Uzbekistan and Ensuring Its Rapid Development," the following wording shall be stated:

"the authorized state body establishes the minimum level of insurance reserves ensuring the acceptability of risks taken by insurance reserves based on the analysis of insurance tariffs applied by insurers, the degree of satisfaction of consumers with the quality of insurance services, and the effectiveness of insurance products, and also has the right to establish minimum amounts of advisory insurance tariffs based on actuarial calculations."

3. In paragraph 2, third sub-paragraph of Resolution No. PQ-5265 of the President of the Republic of Uzbekistan dated October 23, 2021 "On Additional Measures for Digitalization of the Insurance Market and Development of the Life Insurance Sector," the words "2024" shall be replaced with the words "2028".

4. In Resolution No. 141 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 24, 2008 "On Measures for Implementing the Law of the Republic of Uzbekistan 'On Mandatory Insurance of Civil Liability of Vehicle Owners':

a) Annex 2 shall be stated in the following wording:

ANNEX 2
To Resolution No. 141 of the Cabinet of Ministers of the Republic of Uzbekistan dated June 24, 2008

COMPOSITION OF THE SUPERVISORY COUNCIL OF THE GUARANTEE FUND FOR PAYMENTS FOR MANDATORY INSURANCE OF CIVIL LIABILITY OF VEHICLE OWNERS

D.S. Maksudov

—

Deputy Director of the National Agency for Development Projects, Chairman of the Fund Supervisory Council

O.Ch. Saidov

—

Head of the Road Traffic Safety Service of the Public Security Department of the Ministry of Internal Affairs

O.O. Fayziev

—

Head of the Department of the National Agency for Development Projects

K.A. Abdurakhimov

—

Director General of the Association of Professional Participants of the Uzbek Insurance Market

L.H. Zakirov

—

Director of the Guarantee Fund for Payments for Mandatory Insurance of Civil Liability of Vehicle Owners (with advisory voting rights), Fund

Supervisory

Secretary of the Council
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Note: If members of the Fund's Supervisory Board move to other jobs, persons newly appointed to these positions are included in the composition of the Fund's Supervisory Board"; Send suggestions for the document Listen to audio Get reference from document element b) The second paragraph of the explanatory part of Appendix No. 3 shall be stated in the following wording:
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"The Fund's Supervisory Board has the right to make changes to the structure and number of the Fund's Directorate when necessary."
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5. In the Rules for Mandatory Insurance of Civil Liability of the Employer, approved by Resolution No. 177 of the Cabinet of Ministers of June 24, 2009:
Appendix No. 1:
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Get reference from document element a) The words "Ministry of Finance of the Republic of Uzbekistan" in the introductory part of the contract for mandatory insurance of civil liability of the employer shall be replaced with the words "authorized state body in the insurance sector"; Send suggestions for the document Listen to audio Get reference from document element b) Paragraph 11 shall be supplemented with the following second paragraph:
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"By signing this insurance contract, the employer expresses consent that in case the insurance premium is not paid within five working days from the date of conclusion of the contract, the insurer shall unconditionally recover the insurance premium from the employer's account through a banking institution." Send suggestions for the document Listen to audio Get reference from document element
6. In the Rules for Mandatory Insurance of Civil Liability of the Carrier, approved by Resolution No. 266 of the Cabinet of Ministers of September 15, 2015:
Appendix No. 2:
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Get reference from document element a) The words "Ministry of Finance of the Republic of Uzbekistan" in the introductory part of the contract for mandatory insurance of civil liability of the carrier shall be replaced with the words "authorized state body in the insurance sector"; Send suggestions for the document Listen to audio Get reference from document element b) Paragraph 12 shall be supplemented with the following second paragraph:
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"By signing this insurance contract, the carrier expresses consent that in case the insurance premium is not paid within five working days from the date of conclusion of the contract, the insurer shall unconditionally recover the insurance premium from the carrier's account through a banking institution"; Send suggestions for the document Listen to audio Get reference from document element
7. In the Single Regulation on the Licensing Procedure for Certain Types of Activities through a Special Electronic System, approved by Resolution No. 80 of the Cabinet of Ministers of February 21, 2022:
Position 9 of Appendix No. 6 shall be stated in the following wording:
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Licensing requirements and conditions:

a) Compliance with the legislation of the Republic of Uzbekistan on combating the legalization of income obtained from criminal activity, financing of terrorism, and proliferation of weapons of mass destruction in insurance activities, as well as on the storage and use of personal data;

b) Ensuring the confidentiality of information obtained in the course of insurance activities in accordance with the requirements of legislative acts;

c) Providing information on insurance activities established by legislative acts at the request of the licensing authority;

d) Prohibiting the appointment of the following persons to leadership positions of insurers (reinsurers) and insurance brokers:

persons involved or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction;

persons who have not had expunged or unexpired convictions for crimes against the person, legalization of income obtained from criminal activity, terrorism, proliferation of weapons of mass destruction, their financing, organized crime, illegal trade in narcotic drugs, corruption, and economic crimes related to information technology;

e) Prohibiting the participation of persons specified in sub-paragraph "d" of this paragraph in the charter capital of insurers (reinsurers) and insurance brokers;

f) Compliance of the head and chief accountant of the license applicant (licensee) and their separate divisions with the qualification requirements established by the authorized state body for regulation and supervision of insurance activities, including compliance with corporate governance standards in terms of professional skills, knowledge, experience, and having a positive business reputation;

g) Prohibiting persons working in leadership positions of the license applicant (licensee) from holding concurrent positions in leadership roles in other insurance organizations;

h) Storing all information related to the conduct of insurance activities, including correspondence, for five years.

Additional licensing requirements and conditions for insurers (reinsurers):

a) Availability of the minimum amount of charter capital established by legislative acts;

b) Availability of an agreement on the use of the Unified Information System and mutual information exchange within the framework of this system;

c) Availability of an information system to provide electronic insurance services based on legislative requirements;

d) Registration of all types of insurance (reinsurance) contracts through the Unified Information System and issuance of insurance policies through this system;

e) Absence of excessive (potential from the recipient to the final beneficiary owner up to three levels) stratification of shareholding legal entities;

f) Having its own branches authorized to conclude contracts for mandatory insurance of civil liability of vehicle owners, consider claims of the victim (his heir or legal successor) regarding insurance payments, and make insurance payments in the Karakalpakstan Republic, all regions, and Tashkent city — for insurers mandatorily insuring civil liability of vehicle owners;

g) Availability of a written agreement on membership with the Fund for Guaranteeing Payments on Mandatory Insurance of Civil Liability of Vehicle Owners — for insurers mandatorily insuring civil liability of vehicle owners;

h) Having its own branches authorized to conclude contracts for mandatory insurance of civil liability of employers or annuity contracts, consider claims of employers (or) victims or beneficiaries regarding payment of insurance compensation, and make insurance payments in the Karakalpakstan Republic, all regions, and Tashkent city — for insurers mandatorily insuring civil liability of employers;

i) Having its own branches authorized to conclude contracts for mandatory insurance of civil liability of carriers, consider claims of carriers, victims, and beneficiaries regarding insurance compensation, and make insurance payments in the Karakalpakstan Republic, all regions, and Tashkent city — for insurers mandatorily insuring civil liability of carriers;

k) Availability of a contract on joint activities regarding the establishment of insurance partnership among insurers entitled to carry out mandatory insurance of civil liability of carriers — for insurers mandatorily insuring civil liability of carriers.

Additional licensing requirements and conditions for insurance brokers:

a) Ensuring compliance with contractual obligations in the conduct of insurance activities by the insurance broker;

b) Conclusion and performance of insurance contracts under favorable conditions for the licensee's client;

c) Conducting intermediary activities related to insurance as the main type of activity.

Actions falling under the phrase "single gross violation of licensing requirements and conditions" are established in Article 54 of the Law of the Republic of Uzbekistan "On Insurance Activity".

".
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Resolution of the President of the Republic of Uzbekistan dated March 1, 2024 No. PQ-108

APPENDIX No. 5
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List of Certain Resolutions of the President of the Republic of Uzbekistan and the Government of the Republic of Uzbekistan Recognized as Having Lost Their Force Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element

1. Paragraph 2 and Appendix No. 2 of the Resolution of the President of the Republic of Uzbekistan dated April 10, 2007 No. PQ-618 "On Measures for Further Reform and Development of the Insurance Services Market".
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2. Position 14 of the Appendix to the Resolution of the President of the Republic of Uzbekistan dated October 23, 2021 No. PQ-5265 "On Additional Measures for Digitalization of the Insurance Market and Development of the Life Insurance Sector".
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3. Paragraphs 1 — 6 and Appendices No. 1 — 3 to the Resolution of the Cabinet of Ministers dated December 31, 2019 No. 1060 "On Measures for Organizing the Activities of the Insurance Market Development Agency under the Ministry of Finance of the Republic of Uzbekistan".
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4. Paragraph 40 of the Regulation on the Procedure for Providing Insurance Services in Electronic Form, approved by Resolution No. 694 of the Cabinet of Ministers dated December 5, 2022.
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5. Paragraph 8 and Position 9 of the Appendix to the Resolution of the Cabinet of Ministers dated August 4, 2023 No. 332 "On Measures to Improve the Effectiveness of Fire Prevention and Improve State Supervision in the Field of Fire Safety".
   (National Database of Legislative Information, 04.03.2024, No. 07/24/108/0171; 27.12.2024, No. 06/24/224/1068)