The instruction for application of the Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan

Approved by the Main State Tax Authorities of Turkmenistan and the Ministry of Economics and Finance of Turkmenistan of July 23, 1997 No. 20

This instruction is developed according to Regulations on the sizes of penalties and procedure for their collection for violation of the insurance legislation of Turkmenistan approved by the resolution of the President of Turkmenistan of June 9, 1997 No. 3192.

I. General provisions

1. Penalties for violation of the insurance legislation of Turkmenistan are imposed by the Ministry of Economics and finance of Turkmenistan and are subject to payment in the Centralized budget of Turkmenistan.

2. Action of this instruction extends on all legal entities of Turkmenistan and other states who are in the territory of Turkmenistan.

3. Penalties are paid in currency of Turkmenistan.

II. Sizes of penalties and procedure for their imposing

4. The penalties imposed on insurance companies (insurers, overcautious persons) and insurance brokers are established in the following sizes:

for accomplishment of insurance, reinsurance and broker activity on insurance without license - in the amount of the received insurance payment (commission);

for implementation of the activities which are not connected with insurance - in the amount of the gained income;

for violation of the statutory rules connected with forming and placement of insurance reserves, unreasonable change of insurance rates - in the amount of income gained from them, and in case of the further violation allowed within year after application of economic sanctions - in double size;

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