Article 10. Insurance (Reinsurance) Pools

On insurance activities (LRU-730-son) · Date: 23.11.2021 · In force

An insurance (reinsurance) pool shall be defined as an association of insurers who jointly carry out insurance activities for certain types of insurance or certain insurance risks on the basis of a joint activity agreement.

Insurance pools shall be created to ensure the financial stability of its participants, the fulfillment of their obligations on insurance indemnities, the amount of which may exceed the own funds (capital) of one insurance organization, and shall operate on the principles of coinsurance or reinsurance.

Reinsurance pools shall be created to increase the financial capabilities of pool members by carrying out reinsurance in the amount exceeding the self retention of the pool members under the insurance contract.

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Source of the text

National Database of Legislation of the Republic of Uzbekistan (lex.uz). Original on lex.uz: lex.uz/docs/6124730

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Cite as: Article 10. Insurance (Reinsurance) Pools On insurance activities (LRU-730-son). neolex.uz/en/laws/law-5739120/10 (lex.uz/docs/6124730)