LAW OF THE REPUBLIC OF TAJIKISTAN

of July 20, 1994 No. 981

About insurance

Chapter 1. General provisions

Article 1. The relations regulated by this law

This Law governs the relations on insurance between insurance companies and citizens, the companies, organizations, the organizations, insurance companies among themselves, and also establishes the basic principles of the state supervision of insurance activity.

The relations on insurance are governed as well by others legislative and the regulations of the Republic of Tajikistan adopted on the basis of this Law.

Operation of this Law does not extend to the national social insurance.

Article 2. Basic concepts

In this Law the following basic concepts are used: the insurance policy - the document issued by the insurer and confirming the conclusion of the insurance contract;

insurance - the activities aimed at providing protection of interests of physical persons and legal entities against effects of certain, unexpected events (insured events) at the expense of the cash funds created of the payments (fees) paid by them;

the insurer - the physical person or legal entity which is the party in the insurance contract which pays insurance premiums and has the right under the law or owing to the agreement to receive in case of loss occurrence compensation within the insured responsibility or insurance sum stipulated in the insurance contract;

the insurer - the legal entity whose form of business, is stipulated by the legislation the Republic of Tajikistan, formed for implementation of insurance activity and obtained on that the license.

the beneficiary - person specified in the insurance contract for benefit of which this agreement is signed.

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