Approved by the Ministry of Finance of the Republic of Uzbekistan of June 28, 2000 No. 66

Provisional regulations for placement of insurance reserves by insurance companies in the territory of the Republic of Uzbekistan

1. General provisions

1. These Provisional regulations are developed in compliance of subitems 1 and 3 of Article 22 and the item "and" of article 27 of the Law of the Republic of Uzbekistan "About insurance" and the resolution of the Cabinet of Ministers of the Republic of Uzbekistan of July 8, 1998 No. 286 "About measures for state regulation of insurance activity".

2. Operation of these Provisional regulations extends to the insurance companies of all patterns of ownership performing the activities in the territory of the Republic of Uzbekistan.

3. Operation of these Provisional regulations does not extend to the organizations of the national social insurance.

2. Basic concepts and determinations

4. "Insurer" - the legal entity, the license for the implementation of insurance of the corresponding type which is the commercial organization, having if other is not provided by legal acts.

5. "Insurance reserves" - the cash funds created of the paid insurance payments (awards) and intended for the forthcoming insurance payments.

6. "Insurance payments (awards)" - the fees paid by the insurer to the insurer, procedure for calculation and which sizes are established by the insurance contract, and brought both in sumach, and in foreign currency.

7. "Investment portfolio" - investment of funds of the insurer in different objects of investments.

8. "Diversification of investment portfolio" - distribution of the invested means between different objects of investments for the purpose of decrease in risk of possible losses of means or the income from them.

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