LAW OF TURKMENISTAN

of November 24, 1995 No. 89-1

About insurance

This Law governs the relations on insurance between insurance companies and legal entities and physical persons, including foreign, insurance companies among themselves, and also establishes the basic principles of state regulation of activities of insurance companies, irrespective of patterns of ownership.

Section I. GENERAL PROVISIONS

Article 1. Concept about insurance

Insurance system of the relations on protection of valuable and other interests of physical persons and legal entities at the expense of the insurance payments paid by them to the insurance companies forming cash and other funds for the purpose of payment by them of insurance sums and insurance indemnities in case of approach of certain events (insured events).

Article 2. Legislation of Turkmenistan on insurance

The legislation of Turkmenistan on insurance consists of this Law and other legal acts of Turkmenistan.

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

Article 3. Object and forms of insurance

Object of insurance are interests of legal entities and physical persons at the time of the conclusion of the insurance contract.

Insurance interest (property, personal, responsibility) - measure of material interest in insurance.

Valuable interest is expressed in receipt of compensation from the cost of insured property which the insurer owns, uses or disposes (property insurance).

The private interest consists in receipt of insurance sum in case of approach of the events caused by the insurance contract and is connected with life, health, working capacity, provision of pensions, social protection of the insurer or insured person (personal insurance).

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