of May 21, 2008 No. PP-872
About additional measures for further reforming and market development of insurance services
For the purpose of further enhancement of insurance activity, increase in capitalization and financial stability of insurers, expansion of their regional network and stimulation of participation of insurance companies in investment processes, and also ensuring effective consumer protection of insurance services:
1. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 31.05.2011 No. PP-1544
2. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 31.05.2011 No. PP-1544
3. Establish procedure according to which:
insurers have the right to perform professional activity in the security market as the investment intermediary. At the same time receipt by the insurer of the license for implementation of professional activity in the security market is not required;
the candidates recommended for positions of heads and chief accountants of the insurer, insurance broker and their separate divisions are appointed (are elected) on condition of their compliance to the qualification requirements determined in Regulations on the qualification requirements imposed to the head and the chief accountant of the insurer, insurance broker and their separate divisions
;for violation by insurers of the legislation on insurance activity, the established economic standard rates, including standard rates of solvency, based on the decision of specially authorized state body exercising regulation and supervision of insurance activity the penalty in the amount up to percent 0,1 from the minimum size of the authorized capital established for the insurer with transfer of the amount of penalty of the republican budget is in accordance with the established procedure imposed on them.
4. Exempt since June 1, 2008 for a period of three years:
income of legal entities and physical persons gained in the form of share dividends of insurers from the tax discharge on profit of legal entities and income tax;
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