RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of January 29, 1997 No. 3001

About transformation of the State insurance commercial organization of Turkmenistan

According to article 4 of the Law of Turkmenistan "About insurance" I decide:

1. Transform the State insurance commercial organization of Turkmenistan.

Determine that the State insurance company of Turkmenistan is legal successor of the State insurance commercial organization of Turkmenistan and completely answers for its obligations.

2. The state insurance company of Turkmenistan performs the activities on the principles of complete cost accounting and self-financing and has in the maintaining the state insurance companies in welayats, etraps and the cities.

3. Determine that insurance, the amounts and insurance indemnities paid by the State insurance company of Turkmenistan are not subject to taxation and charges, the state fee is not collected from these amounts.

The amounts of insurance payments and insurance indemnities under agreements of voluntary insurance created at the expense of means of the employer and also expenses of physical persons on personal insurance do not join in the comprehensive taxable income.

The state insurance company of Turkmenistan is exempted from payment of the state fee on all cases connected with transactions of the national compulsory and voluntary insurance.

4. Approve the enclosed Regulations on the State insurance company of Turkmenistan.

5. Declare invalid the resolution of the President of Turkmenistan of August 18, 1992 No. 868 "About creation of the State insurance commercial organization of Turkmenistan".

Approved by the resolution of the President of Turkmenistan of January 29, 1997 No. 3001

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