Questions for previous topic

Questions for previous topic

• Requirements of licensing insurers and brokers
• Documents to get a license for the insurers
• In License agreement there are ...
• Special form for license
• Reconsideration process
• Register of license
• Re-registration
• Duplicate for license

Organizational and legal basis of insurance organizations

By Umidjon Sharipov

Insurance market development agency under the Ministry of Finance of the Republic of Uzbekistan

Number of management staff -> 28 (limited )
Technical and support stuff -> according to the regulation

The tasks of Insurance market development agency

Regulate and develop insurance market
Protect market participants’ rights
Reports to The Ministry of Finance

Insurance market development agency

Legal entity
Decisions made by agency is mandatory for all professional participants
Adress: 29, Istiqlol Road, Yunusobod District, Tashkent

Main functions of the agency

Provide openness and transparency of professional participants’ activity
Providing statistical and financial indicators through regular publication
Analysis of the state and development trends of insurance activity

Main functions of the agency

Give explanatory information in the media
Publishing activities

Main functions of the agency

Train insurance market professionals
Retraining insurance market professionals
Involve international experts for training

Main functions of the agency

Regulations on mandatory insurance
Suggestions for insurance tariffs
Licensing insurance and brokers’ activity

Organizing agency’s activity

Director – by the Cabinet of Ministers of the Republic of Uzbekistan
According to the suggestion of The Ministry of Finance
Equal to Deputy Minister
2 deputy directors and a main deputy director – by The ministry of Finance with the suggestion of agency director

Evaluating the effectiveness of the agency

According to the evaluation criteria by The Ministry of Finance
Reward
Punishment

Extra-budgetary fund of the agency

Fee for license aplications
Fee for certificates
Calendar payments of the organizations
Sponsorships
Deposits for bank
Other legal sources

Calendar payments of the organizations

0.1% from insurance premiums
70% of calendar payments -> closing insurance company

Using extra-budgetary fund

Develop insurance market
Increase people’s belief on insurance
Organizing seminars, conferences, forums with international experts
Financial help for employees
Rewards
Formation of material and technical base
Annual report on expanses for The Ministry of Finance