RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of June 9, 1997 No. 3192

About the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan

According to article 33 of the Law of Turkmenistan "About insurance" I decide:

1. Approve the enclosed Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan.

2. The main state tax authorities of Turkmenistan, the Ministry of Economics and finance of Turkmenistan in coordination with the Ministry of Justice of Turkmenistan to develop 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 in a month.

Approved by the resolution of the President of Turkmenistan of June 9, 1997 No. 3192

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

1. This Provision determines the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan and extends on all legal entities of Turkmenistan and other states who are in the territory of Turkmenistan.

2. The Ministry of Economics and finance of Turkmenistan has the right to impose penalties from insurance companies (insurers, overcautious persons) and insurance brokers for the following violations:

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;

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