LAW OF THE REPUBLIC OF UZBEKISTAN

of April 5, 2002 No. 358-II

About insurance activity

Article 1. Purpose of this Law

The purpose of this Law is regulation of the relations in the field of insurance activity.

Article 2. Legislation on insurance activity

The legislation on insurance activity consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about insurance activity then are applied rules of the international treaty.

Article 3. Insurance and insurance activity

Insurance is protection of interests of legal entities or physical persons by payment by it according to the insurance contract of insurance indemnity (insurance sum) at the expense of the cash funds created of the insurance premiums and also other means of the insurer paid by them in case of approach of certain event (insured event).

The insurance activity represents the activities of professional participants of the insurance market connected with insurance implementation.

Article 4. Industries and types (classes) of insurance

Insurance is subdivided into the following industries:

life insurance (insurance of the interests connected with life, health, working capacity and cash cover of physical persons where the minimum term of insurance under the agreement constitutes one year and includes one-time or periodical payments of the insurance sums comprising the increased percent stipulated by the insurance contract (annuities);

general insurance (the personal, property insurance, liability insurance and other types of insurance which are not relating to life insurance industry).

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