RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of October 11, 1996 No. 2821

About approval of the Regulations on licensing of activities of insurance companies and insurance brokers

According to articles 30 and 31 of the Law of Turkmenistan "About insurance" I decide:

Approve the enclosed Regulations on licensing of activities of insurance companies and insurance brokers.

Approved by the resolution of the President of Turkmenistan of October 11, 1996 No. 2821

Regulations on licensing of activities of insurance companies and insurance brokers

1. This Provision establishes procedure for the state licensing of activities of insurance companies, (insurers, overcautious persons) and insurance brokers.

2. Licensing of insurance, reinsurance and broker activity on insurance is performed by the Ministry of Economics and finance of Turkmenistan.

3. The license is granted to insurance companies and insurance brokers only after their state registration according to the procedure, established by the legislation of Turkmenistan.

4. Insurance companies (insurers, overcautious persons) and insurance brokers acquire the right to implementation of insurance activity from the moment of receipt of the license of the established sample (appendices No. 1-3) and entering into the state register of insurance companies and insurance brokers which once a half-year is published by the Ministry of Economics and finance of Turkmenistan.

5. For receipt of the license the insurance company and insurance broker represent to the Ministry of Economics and finance of Turkmenistan the following documents:

a) the statement of the established sample (appendix No. 4);

b) copies of constituent documents (charter, foundation agreement, protocol or solution of the constituent assembly);

c) copy of the certificate on state registration;

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