Article 8. Reinsurance Activities of the Insurer

Exclusively reinsurance activities in the territory of the Republic of Uzbekistan shall be subject to licensing in accordance with the procedure provided for by the legislation.

An insurance organization may carry out reinsurance and accept insurance risks for reinsurance for the types (classes) of insurance activities indicated in the obtained insurance license in compliance with prudential standards established by the legislation, without obtaining a reinsurance license.

A reinsurance organization that carries out reinsurance as an exclusive type of activities on the basis of a reinsurance license shall have the right to carry out reinsurance for all classes of insurance in the "life insurance" and "general insurance" sectors.

Reinsurance of the obligations of resident insurers on insurance indemnities (insurance benefits) under concluded insurance contracts (a part of such obligations) may be carried out by foreign insurance, reinsurance and/or brokerage organizations that have received, in accordance with the national legislation of the country where they are established, the right to carry out reinsurance activities.