Article 48. Compliance by Insurers (Reinsurers) with Prudential Standards

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

To ensure the financial stability of insurance (reinsurance) organizations and protect the legitimate interests of consumers of insurance services, insurers (reinsurers) shall be obliged to comply with the established prudential standards, the calculation procedure and permissible values of which are determined by the authorized state body.

Prudential standards shall include:

the minimum amount of charter fund (charter capital);

the standard of solvency margin adequacy;

the standard of obligations of insurers (reinsurers) for individual risks;

the standard for the formation and placement of insurance reserves;

other prudential standards established by the authorized state body.

Upcoming changes to prudential standards shall be officially announced by the authorized state body not later than one month before their entry into force.

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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 48. Compliance by Insurers (Reinsurers) with Prudential Standards On insurance activities (LRU-730-son). neolex.uz/en/laws/law-5739120/48 (lex.uz/docs/6124730)