Article 5. Cross-border Insurance and Reinsurance

Insurance related to the implementation of activities by an insurance company for the conclusion and execution of insurance contracts in the territory of another state shall be cross-border.

The transfer by an insurance (reinsurance) organization of its accepted insurance risks for reinsurance shall be carried out taking into account the requirements for the procedure for calculating prudential standards.

Intermediary activities for the conclusion of an insurance contract on behalf of an insurance organization — non-resident of the Republic of Uzbekistan, except for an insurance contract for civil liability of vehicle owners traveling outside the Republic of Uzbekistan, shall not be allowed in the territory of the Republic of Uzbekistan, unless otherwise provided for by international treaties of the Republic of Uzbekistan.

Intermediary activities on the conclusion of insurance contracts for the civil liability of vehicle owners exiting the Republic of Uzbekistan in the territory of the Republic of Uzbekistan on behalf of an insurance organization that is a non-resident of the Republic of Uzbekistan may be carried out by insurers — residents of the Republic of Uzbekistan holding a license of the National Agency for Perspective Projects of the Republic of Uzbekistan (hereinafter referred to as the authorized state body) indicating the relevant insurance class.