Article 18. Insurance Agent

An insurance agent shall be defined as an individual or a legal entity that carries out activities to organize the conclusion and execution of an insurance contract in the name and on behalf of the insurer.

The heads of management bodies and employees of the insurer may not act as an insurance agent.

The insurance agent shall carry out its activities on the basis of contracts of agency (agency agreements) concluded with insurers.

The insurance agent may carry out its activities only after it has been entered into the register of the insurer with whom it has concluded a contract of agency (agency agreement)

The followings shall be prohibited:

conclusion of insurance contracts by the insurance agent on behalf of insurers who do not have a license to carry out insurance of the relevant type;

intermediary insurance activities of the insurance agent in the territory of the Republic of Uzbekistan, related to the conclusion of insurance contracts in the name of foreign insurance organizations not registered in the territory of the Republic of Uzbekistan in accordance with the established procedure, unless otherwise provided for by international treaties of the Republic of Uzbekistan.

The insurance agent — individual shall not have the right under insurance contracts to issue documents in its own name, in the name of close relatives (parents, full- and half-blood siblings, spouses, children, including adopted ones, grandparents, grandchildren, as well as parents, full-and half-blood siblings of spouses), as well as to conclude insurance contracts in its favor and at the same time act as an insurance agent under such insurance contract.