Article 40. Charter Fund (Charter Capital) of Insurers (Reinsurers)

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

The minimum amount of the charter fund (charter capital) of insurers (reinsurers) shall be determined by the legislation.

The charter fund (charter capital) of the insurer (reinsurer) shall consist of funds contributed by the founders of the insurance organization, and shall be expressed in national currency.

It shall not be allowed to use funds received as a loan, borrowed on pledge, and other attracted funds for the formation of the charter fund (charter capital) of the insurer.

The minimum amount of the charter fund (charter capital) shall be formed by the founders of the insurer (reinsurer) by the time of submitting an application for a license.

The insurer (reinsurer) shall not be allowed to hold a share in the charter fund (charter capital) of other insurers (reinsurers), except for cases of holding a share in the charter fund (charter capital) of insurers (reinsurers) of another sector of insurance on conditions of limitation of their cross-shareholding.

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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 40. Charter Fund (Charter Capital) of Insurers (Reinsurers) On insurance activities (LRU-730-son). neolex.uz/en/laws/law-5739120/40 (lex.uz/docs/6124730)