On insurance activities (LRU-730-son)

23.11.2021

Law of the Republic of Uzbekistan

Adopted by the Legislative Chamber on June 15, 2021 Approved by the Senate on August 27, 2021

Chapter 1. General Provisions

Article 1. Purpose and Scope of Application of this Law

The purpose of this Law shall be to regulate relations in the field of insurance activities.

This Law shall not apply to relations related to state social insurance and state health insurance.

Article 2. Legislation on Insurance Activities

The legislation on insurance activities shall consist of this Law and other legislative acts.

If an international treaty of the Republic of Uzbekistan stipulates other rules than those provided for by the legislation of the Republic of Uzbekistan on insurance activities, the rules of the international treaty shall prevail.

Article 3. Basic Concepts

The following basic concepts shall be used in this Law:

separate subdivision — a branch of an insurer (insurance broker) in the Republic of Karakalpakstan, regions and Tashkent city;

insurance — relations to protect the interests of individuals and legal entities, related to the coverage of damage caused, the organization and use of target monetary funds for the payment of indemnities and other payments upon the occurrence of a certain event;

insurance contribution — a part of the insurance premium, paid in national or foreign currency in accordance with the terms, amounts and conditions provided for by the insurance contract;

insurance premium — an insurance fee paid by the insurant to the insurer in national or foreign currency in accordance with the procedure and terms provided for by the insurance contract;

insurance amount — a certain amount within which the insurer undertakes to pay the insurance indemnity (insurance benefit) under the insurance contract;

insurance risk — a probable event, against the occurrence of which insurance is carried out;

insurance tariff — a rate of insurance premium per unit of the insurance amount, determined taking into account the object of insurance and the nature of the insurance risk, as well as in accordance with the terms and conditions of insurance;

insurance indemnity (insurance benefit) — an amount of money paid to the insurant, the insured person (beneficiary) upon the occurrence of an insured event provided for by the insurance contract, within the insurance amount for each insured person;

type of insurance — a specific insurance service developed and provided by an insurance organization within one or more classes of insurance;

insurance activities — the activities of professional participants of the insurance market, related to the carrying out of insurance and reinsurance;

insurance value — the value of the property transferred for insurance, determined by the agreement of the parties upon the conclusion of the insurance contract, unless otherwise provided for by the legislation;

deductible — a part of the losses of the insurant, which is not indemnified by the insurer in accordance with the insurance contract;

reinsurance — full or partial insurance by the insurer (reinsurer) of the risk of payment of the insurance indemnity (insurance benefit), accepted under the insurance contract, in accordance with the reinsurance contract concluded with another insurer (reinsurer);

reinsurer — an insurance or reinsurance organization that accepts insurance risks for reinsurance from another insurance organization;

reinsurance contract — a contract under which the insurer transfers all or part of its obligations under the insurance contract to the reinsurer.

Article 4. Insurance Activities of Non-residents in the Territory of the Republic of Uzbekistan

Non-residents of the Republic of Uzbekistan may act as founders (participants) of legal entities — professional participants of the insurance market in the territory of the Republic of Uzbekistan.

Insurance of the property interests of a legal entity located in the territory of the Republic of Uzbekistan, which is a resident of the Republic of Uzbekistan, shall be carried out only by an insurance company — resident of the Republic of Uzbekistan, except for the cases provided for by the legislation.

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.

Chapter 2. Organization of Insurance Activities

Article 6. Sectors and Types (Classes) of Insurance

Insurance shall be divided into the following sectors:

life insurance (insurance of interests related to the life, health, ability to work and monetary security of individuals, where the minimum term of insurance under the contract is one year and includes one-time or periodic payments of insurance amounts containing the accrued interest stipulated by the insurance contract (annuities);

general insurance (personal, property, liability insurance and other types of insurance that are not related to the sector of life insurance).

In accordance with the general characteristics of insurance risks or their groups and related obligations, the sectors of insurance shall be divided into types (classes) of insurance. Types (classes) of insurance shall be determined by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 7. Forms of Insurance

Insurance shall be carried out in the forms of voluntary and compulsory insurance.

Voluntary insurance shall be carried out on the basis of an insurance contract and insurance rules defining the general conditions and procedure for its carrying out.

The voluntary insurance contract shall specify the essential conditions of insurance, reflecting the basic concepts of the insurance rules.

The conditions and procedure for the carrying out of compulsory insurance shall be determined by the laws of the Republic of Uzbekistan on specific types of compulsory insurance.

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.

Article 9. Coinsurance Activities

Coinsurance shall be defined as the activity to insure the same object under one insurance contract jointly by several insurers.

Upon the occurrence of an insured event under the insurance contract, the insurants, insured persons and beneficiaries shall have the right to apply for the insurance indemnity (insurance benefit) to any insurer specified in such contract.

An insurance organization whose license does not specify the relevant class of insurance shall not participate in coinsurance activities.

Article 10. Insurance (Reinsurance) Pools

An insurance (reinsurance) pool shall be defined as an association of insurers who jointly carry out insurance activities for certain types of insurance or certain insurance risks on the basis of a joint activity agreement.

Insurance pools shall be created to ensure the financial stability of its participants, the fulfillment of their obligations on insurance indemnities, the amount of which may exceed the own funds (capital) of one insurance organization, and shall operate on the principles of coinsurance or reinsurance.

Reinsurance pools shall be created to increase the financial capabilities of pool members by carrying out reinsurance in the amount exceeding the self retention of the pool members under the insurance contract.

Article 11. Objects of Insurance

Objects of life insurance may include property interests related to the survival of individuals to a certain age or date or the occurrence of other events in the life of individuals, as well as their death, or property interests related to causing harm to the health of individuals, as well as their death as a result of an accident or illness.

Objects of health insurance may include property interests related to the payment for the organization and provision of medical (medical care, provision of medicines) and other services due to a person's health disorder or condition that require the organization and provision of such services, and the implementation of preventive measures reducing the degree of threats dangerous to the person's life or health and/or eliminating them.

Objects of property insurance may include property interests related to the risk of loss (death) or shortage of property, or damage thereto.

Objects of financial risk insurance in property insurance may include the property interests of the insurant (insured person), related to the risk of the failure to receive income, the occurrence of unforeseen expenses of individuals and legal entities.

Objects of business risk insurance may include property interests related to the risk of losses from entrepreneurial activities due to the failure of the entrepreneur's counterparts to fulfill their obligations or due to the changes in the terms and conditions for such activities due to reasons beyond the entrepreneur's control, as well as the risk of the failure to receive the expected income.

Objects of civil liability insurance may include property interests related to:

the risk of liability for harm caused to the life, health or property of individuals, legal entities or the state;

the risk of liability for violation of the terms and conditions of a contract.

Article 12. Subjects of Insurance Activities

The subjects of insurance activities shall include professional participants of the insurance market.

Professional participants of the insurance market shall include insurers, insurance intermediaries, adjusters, actuaries, insurance surveyors, and assistance.

Insurance intermediaries shall include an insurance broker, a reinsurance broker and an insurance agent.

Article 13. Insurer

An insurer shall be defined as a legal entity that is a commercial organization, has a license to carry out insurance of the relevant type and assumes, in accordance with an insurance contract, an obligation to pay the insurance indemnity (insurance benefit).

Insurers may not engage in entrepreneurial activities that are not directly related to the carrying out of insurance, except for the cases provided for in Article 14 of this Law.

Article 14. Rights and Obligations of the Insurer

The insurer shall have the right to:

conclude insurance (reinsurance) contracts;

reinsure its obligations in accordance with the established procedure, including outside the Republic of Uzbekistan;

carry out investment activities;

carry out professional activities in the securities market as an investment intermediary. In this case, the insurer shall not be required to obtain a license to carry out this type of activities;

carry out activities related to the advanced training of specialists in the field of insurance (reinsurance);

develop and approve the rules (terms and conditions) for the types of insurance carried out by the insurer;

in accordance with the established procedure, request and receive from law enforcement bodies, courts, medical, seismological, veterinary, hydrometeorological and other organizations the relevant information and documents necessary to determine the causes and circumstances of the occurrence of the insured event, as well as the amount of the insurance indemnity (insurance benefit);

conclude relevant contracts with insurance agents, insurance and reinsurance brokers and other professional participants of the insurance market;

refuse to pay the insurance indemnity (insurance benefit), early terminate the insurance (reinsurance) contract in the cases and in accordance with the procedure established by the legislation and/or the insurance (reinsurance) contract;

in accordance with the procedure provided for by the insurance (reinsurance) contract, check the information provided by the insurant, monitor the insurant's compliance with the requirements, terms and conditions of the insurance contract;

provide surveyor and adjuster services to foreign insurers;

sell or lease property previously acquired by the insurer for its own needs or received at its disposal as a result of the implementation of the insurance contract;

receive information from rating organizations of the Republic of Uzbekistan and foreign rating organizations;

establish its own separate subdivisions.

The insurer may also have other rights in accordance with the legislation and its signed contracts.

The insurer shall be obliged to:

comply with the requirements of the legislation on insurance activities;

ensure the confidentiality of information obtained during the carrying out of insurance activities, in accordance with the requirements of the legislation;

maintain a register of its authorized insurance agents;

at the request of the authorized state body, provide the information established by the legislation;

upon the occurrence of an insured event, make all necessary calculations and payments of the insurance indemnity (insurance benefit) within the terms provided for by the legislation or the insurance (reinsurance) contract;

in the event of a change in the company name, form of incorporation or location (postal address), notify the authorized state body and insurants in accordance with the procedure established by this Law;

form and place insurance reserves in accordance with the procedure, terms and conditions established by the legislation;

undergo an annual mandatory audit;

at least once a year, involve an actuarial organization in the provision of actuarial services in accordance with the procedure established by the authorized state body;

publish annual financial statements in accordance with the form, procedure and terms established by the authorized state body;

keep accounting records, prepare financial, statistical, tax and other statements.

The insurer may also have other obligations in accordance with the legislation and its signed contracts.

Article 15. Insurance Broker

An insurance broker shall be defined as a legal entity that has a license to carry out activities to organize the conclusion and execution of an insurance contract in the name and on behalf of the insurant.

The activities of the insurance broker may not be combined with other types of insurance activities, except for the activities of a reinsurance broker.

The insurance broker shall not have the right to hold a share in the charter fund (charter capital) of the insurer.

The insurance broker shall provide services on the basis of an agreement concluded between it and the insurant.

Article 16. Reinsurance Broker

A reinsurance broker shall be defined as a legal entity that carries out activities to organize the conclusion and execution of a reinsurance contract in its name and on behalf of the insurer acting under the reinsurance contract as an insurant.

The reinsurance broker shall not have the right to hold a share in the charter fund (charter capital) of the insurer.

The reinsurance broker shall provide services on the basis of an agreement concluded between it and the insurant.

Article 17. Rights and Obligations of Insurance and Reinsurance Brokers

The insurance and reinsurance brokers shall have the right to:

carry out intermediary activities for any type of insurance (reinsurance) within their powers;

choose an insurer when concluding an insurance (reinsurance) contract;

receive information from the insurer about the availability of a license, the amount of the charter fund, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;

provide expert and consulting services.

The insurance and reinsurance brokers may also have other rights in accordance with the legislation and their signed contracts.

The insurance and reinsurance brokers shall be obliged to:

comply with the requirements of the legislation on insurance activities;

at the request of clients, provide complete, reliable and objective information on the conclusion and execution of an insurance (reinsurance) contract;

maintain the confidentiality of information constituting commercial and other secrets of the client;

at the request of the authorized state body, provide the information established by the legislation;

in the event of a change in the company name, form of incorporation and/or location, notify the authorized state body and insurants;

keep accounting records, prepare financial, statistical, tax and other statements in accordance with the procedure established by the legislation.

The insurance and reinsurance brokers may also have other obligations in accordance with the legislation and their signed contracts.

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.

Article 19. Rights and Obligations of the Insurance Agent

The insurance agent shall have the right to:

carry out intermediary activities for any type of insurance within the powers granted by the insurer, including for the types of compulsory insurance;

provide the necessary assistance in the assessment of the insurance risk accepted for insurance, in the payment of the insurance indemnity (insurance benefit) upon the occurrence of an insured event and in the payment of the insurance premium by the insurant in full and within the terms established in the insurance contract;

receive information from the insurer about the availability of a license, the amount of the charter fund, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;

draw up the necessary documents for the conclusion of an insurance contract (insurance policy);

collect open source information, without interfering with the privacy of the insurant, about the risk and the insurant in order to provide the insurer with more complete information about the risks accepted from the insurant.

The insurance agent may also have other rights in accordance with the legislation and its signed contracts.

The insurance agent shall be obliged to:

comply with the requirements of the legislation on insurance activities;

assist in the timely drawing up of documents when concluding an insurance contract and paying the insurance indemnity (insurance amount);

know information about insurance tariffs, insurance terms and conditions offered by insurers, the availability of a license, the amount of the charter fund, insurance reserves and obligations assumed, as well as other indicators of its solvency and financial stability;

when drawing up an insurance contract, know the necessary information about the insurant, offer it specific measures aimed at reducing the insurance risk and the probability of the occurrence of an insured event;

at the request of insurants, inform them about the current insurance terms and conditions;

in accordance with the established procedure, conclude and timely renew insurance contracts;

keep records of concluded insurance contracts and received amounts of insurance premiums in accordance with the established form;

ensure the safety of insurance documentation;

maintain the confidentiality of information constituting commercial and other secrets of the client;

ensure timely receipt by the insurer of information regarding significant changes in the terms of the risk during the term of the insurance contract, as well as timely exchange of information between the insurer and the insurant upon the occurrence of insurance claims and in the process of settling them;

organize the payment of the insurance indemnity (insurance benefit) on behalf and at the expense of the insurer, if there is a respective agreement.

The insurance agent may also have other obligations in accordance with the legislation and its signed contracts.

Article 20. Adjuster

An adjuster shall be defined as a legal entity that has relevant specialists on its staff, or an individual with professional knowledge and skills who provides the following services on behalf of the insurer, the insurant and other customer:

inspection and survey of the object of insurance after the occurrence of an insured event;

analysis of the facts and risk circumstances of an insured event;

determination of the causes of damage to the object of insurance and the occurrence of an insured event;

if an insured event has occurred — determination of the degree and amount of damage caused as a result of the insured event;

determination of the amount of the insurance indemnity (insurance benefit) to be paid;

preparation of an opinion on the insured event.

The adjuster shall carry out its activities in accordance with the contract concluded with the insurer, the insurant and other customer.

The adjuster shall not have the right to:

conduct insurance and reinsurance operations as an insurer;

carry out intermediary insurance activities;

hold shares in the charter funds (charter capitals) of insurers;

receive the amount of the insurance indemnity (insurance benefit) as a representative of the insurant.

The results of the provision of the adjuster service shall be drawn up in the form of a report that can be used by the insurer in indemnification and dispute resolution.

The conclusions contained in the adjuster's report may be reviewed in the course of an independent insurance examination.

Article 21. Rights and Obligations of the Adjuster

The adjuster shall have the right to:

freely choose the insurer, the insurant and other customers to whom it will provide adjuster services;

request and receive the necessary information from the insurer, the insurant and other customers to examine an insured event;

inspect and survey the object of insurance after the occurrence of an insured event;

draw up a report on its visual inspection of the object of insurance (if necessary, with the use of technical means);

in accordance with the established procedure, request and receive from law enforcement bodies, courts, medical, seismological, veterinary, hydrometeorological and other organizations the relevant information and documents necessary to determine the causes and circumstances of the occurrence of the insured event, as well as the amount of the insurance indemnity (insurance benefit).

The adjuster may also have other rights in accordance with the legislation and its signed contracts.

The adjuster shall be obliged to:

comply with the requirements of the legislation on insurance activities;

ensure the safety of insurance documentation;

maintain the confidentiality of information constituting commercial and other secrets of the client;

take measures for timely analysis of data related to the insured event;

at the request of the authorized state body, provide the information established by the legislation.

The adjuster may also have other obligations in accordance with the legislation and its signed contracts.

Article 22. Actuarial Organization and Actuary

An actuarial organization shall be defined as a legal entity that provides actuarial services, including:

calculations of the mathematical probability of the occurrence of an insured event, determination of the frequency and severity of the consequences of causing damage both in individual risk groups and in the insurance population as a whole;

mathematical justification and calculation of the necessary insurance reserves and funds of the insurer, development of methods for their formation;

determination of the relationship between the rate of capital investment and the net rate when the insurer uses the contributions collected as investments, which reduces tariff rates by the amount of investment income;

calculation of the capital adequacy of insurers and reinsurers, as well as mechanisms for ensuring asset quality;

justification of the necessary expenses for the organization of the insurance process, and calculation of the cost of insurance services;

establishment of tariff rates for each type of insurance (reinsurance), taking into account the long-term and short-term nature of carrying them out for insurers;

evaluation of the results of the insurer's investment activities using actuarial calculations;

planning of the insurer's income for various types of insurance (reinsurance);

development of software products for actuarial calculations;

provision of other actuarial services related to insurance.

The actuarial organization may only provide actuarial services in accordance with a contract on a fee basis.

An actuary shall be defined as an individual who has received an actuary qualification certificate in accordance with the procedure established by the legislation, and who is a member of the staff of an actuarial organization or has concluded a civil law contract with the actuarial organization.

The actuary shall be liable to the actuarial organization for damage caused as a result of poor-quality provision of actuarial services, disclosure of commercial or other secrets protected by law and other actions that caused losses to the actuarial organization.

The actuarial organization shall have at least one actuary on its staff.

The actuary shall not have the right to:

conduct insurance and reinsurance operations as an insurer;

carry out intermediary insurance activities;

hold shares in the charter funds (charter capitals) of insurers (reinsurers).

The results of the actuary's activities shall be drawn up in the form of a report.

The conclusions contained in the actuary's report may be reviewed in the course of an independent insurance examination.

Article 23. Rights and Obligations of the Actuarial Organization

The actuarial organization shall have the right to:

freely choose the insurer and other customers to whom it will provide actuarial services;

refuse to provide actuarial services if the insurer and other customers fail to provide the information necessary for preparation of an actuarial opinion;

in accordance with the established procedure, involve other actuarial organizations and other specialists in the provision of actuarial services.

The actuarial organization may also have other rights in accordance with the legislation and its signed contracts.

The actuarial organization shall be obliged to:

comply with the requirements of the legislation on insurance activities;

maintain the confidentiality of information obtained in the provision of actuarial services;

in the actuarial opinion, reflect the facts of shortcomings in actuarial calculations and proposals for their elimination;

at the request of the authorized state body, provide the information established by the legislation.

The actuarial organization may also have other obligations in accordance with the legislation and its signed contracts.

Article 24. Insurance Surveyor

An insurance surveyor shall be defined as a legal entity that has relevant specialists on its staff, or an individual with professional knowledge and skills who provides the following services:

inspection and survey of the object of insurance (reinsurance) before the conclusion of an insurance (reinsurance) contract;

analysis of all facts and risk circumstances, determination of the degree of risk before the conclusion of an insurance (reinsurance) contract;

preparation of an opinion on the object of insurance under survey.

The procedure for the work of specialists (experts) authorized to conduct an insurance examination shall be determined by the insurance surveyor.

The insurance surveyor shall carry out its activities in accordance with the contract concluded with the insurer or the insurant.

The insurance surveyor shall not have the right to:

conduct insurance and reinsurance operations as an insurer;

carry out intermediary insurance activities;

hold shares in the charter funds (charter capitals) of insurers.

Based on the results of the work of the insurance surveyor, a report is provided that can be used by the insurer or the insurant in concluding an insurance (reinsurance) contract.

The conclusions contained in the insurance surveyor's report may be reviewed in the course of an independent insurance examination.

Article 25. Rights and Obligations of the Insurance Surveyor

The insurance surveyor shall have the right to:

freely choose the insurer or the insurant to whom it will provide services;

request and receive the necessary information from the insurant or the insurer to examine the object of insurance;

request and receive the necessary information from state government and administration bodies, and other organizations whose activities relate to the objects of insurance;

The insurance surveyor may also have other rights in accordance with the legislation and its signed contracts.

The insurance surveyor shall be obliged to:

comply with the requirements of the legislation on insurance activities;

ensure the safety of documentation provided by the parties for the insurance examination;

maintain the confidentiality of information constituting commercial and other secrets of the client;

at the request of the authorized state body, provide the information established by the legislation.

The insurance surveyor may also have other obligations in accordance with the legislation and its signed contracts.

Article 26. Assistance

An assistance shall be defined as an individual or a legal entity that provides assistance services under an insurance contract, technical, medical and other services to insurants (insured persons, beneficiaries) and insurers, as well as provides them with financial assistance.

The assistance shall carry out its activities in accordance with the contract concluded with the insurer.

Assistance services shall be paid only by insurers without the participation of insurants (insured persons).

The assistance shall not have the right to:

conduct insurance and reinsurance operations as an insurer;

carry out intermediary insurance activities;

hold shares in the charter funds (charter capitals) of insurers.

Article 27. Rights and Obligations of the Assistance

The assistance shall have the right to:

independently conclude a contract with insurers for the provision of assistance services;

refuse to provide assistance services if the insurer fails to provide all the information necessary for the provision of assistance services;

in accordance with the established procedure, involve relevant specialists in the provision of assistance services.

The assistance may also have other rights in accordance with the legislation and its signed contracts.

The assistance shall be obliged to:

comply with the requirements of the legislation on insurance activities;

organize round-the-clock reception of messages from insurants (insured persons) about insured events and provide insurants (insured persons) with the necessary assistance within the framework of the insurance contract on the basis of the presented insurance policy;

take measures to consider and settle insured events;

at the request of the authorized state body, provide the information established by the legislation.

The assistance may also have other obligations in accordance with the legislation and its signed contracts.

Article 28. Associations of Professional Participants of the Insurance Market

Professional participants of the insurance market, in order to protect their rights and legitimate interests and carry out joint activities (measures), may establish associations if their establishment does not contradict the requirements of the legislation.

Chapter 3. Insurance Contract and Rules

Article 29. Insurance Contract

Insurance shall be carried out on the basis of an insurance contract concluded between the insurant and the insurer.

An insurance contract shall mean an agreement between the insurer and the insurant, concluded in a written or electronic form, according to which the insurant pays the insurance premium (insurance contribution) in accordance with the procedure, terms and amount established in the insurance contract, and fulfills other obligations provided for by the insurance contract or the legislation, and the insurer assumes the obligation to pay the insurance indemnity (insurance benefit) upon the occurrence of a certain event (insured event) specified in the insurance contract.

Insurance contracts may provide for a deductible.

The deductible may be set both as a percentage of the insurance amount and in a certain amount, and may be conditional or unconditional. The insurance contract may provide for other types of deductibles.

Failure to comply with the requirements for the preparation of a written or electronic form of the insurance contract shall entail the invalidity of such contract.

The authorized state body shall have the right to establish minimum requirements for the terms and conditions of the insurance contract.

Article 30. Insurance Rules

Insurance rules (except for insurance rules adopted within the framework of international insurance systems) shall be adopted and approved by the insurer or the association of insurers and shall contain the main provisions of insurance.

The main provisions of insurance shall contain the following concepts:

subjects of insurance;

objects of insurance;

insured events;

insurance risks;

procedure for determining the insurance amount, the insurance tariff and the insurance premium (insurance contributions);

procedure for conclusion, execution and termination of insurance contracts;

rights and obligations of the parties;

procedure for determining the amount of loss or damage;

procedure for determining the insurance indemnity (insurance benefit);

terms of the insurance indemnity (insurance benefit), as well as an exhaustive list of reasons for refusal of the insurance indemnity (insurance benefit) and other provisions.

Article 31. Special Aspects of Exchange of Information in Electronic Form between the Insurant and the Insurer

Generation and sending by the insurant (insured person, beneficiary) to the insurer of information in electronic form (application for conclusion, modification or early termination of the insurance contract, notification of the occurrence of the insured event, application for payment of the insurance indemnity (insurance benefit) and/or other documents) for the conclusion, modification or early termination of the insurance contract, for receipt of the insurance indemnity (insurance benefit) where and as provided for by the insurance rules, shall be carried out using the official website of the insurer in the worldwide information network Internet, as well as mobile applications, e-mail and other means of information exchange. The official website of the insurer may be used as an information system that provides for the exchange of information in electronic form between the insurant and the insurer who is an operator of such information system.

Access to the official website of the insurer to perform the actions provided for in this article may be carried out by the insurant (insured person, beneficiary) using the identification and authentication system.

When carrying out insurance in electronic form, information in electronic form certified with an electronic digital signature or submitted without an electronic digital signature in accordance with the terms and conditions of the insurance contract, including an insurance contract (policy) signed with an electronic digital signature of the insurer, under the terms and conditions of which the insurant has given its consent by accepting the offer (proposal to conclude an insurance contract) and paying the insurance premium, shall be deemed as equivalent to a paper document.

The requirements for the use of electronic documents and the procedure for the exchange of information in electronic form between the insurant (insured person, beneficiary) and the insurer in the carrying out of voluntary insurance shall be established by the insurance rules and/or other agreement between such persons.

Article 32. Parties to the Insurance Contract

Insurers, insurants, insured persons, beneficiaries and relevant parties may act as parties to the insurance contract.

An insurant — a legal entity or a capable individual who concludes an insurance contract with the insurer and pays the insurance premium (insurance contributions).

Insurants may conclude insurance contracts with insurers in respect of third parties (insured persons) only with their consent, except in cases provided for by the legislation.

An insured person — an individual who participates in insurance and whose property interests are the object of insurance protection.

The insured person may also be an insurant if it concludes an insurance contract in respect of itself and pays the accrued insurance premium.

A beneficiary — an individual or a legal entity appointed by the insurant (insured person) as a recipient of the insurance indemnity or insurance benefit.

The beneficiary shall have the right to receive information about the insurance contract from the insurant, the insured person or the insurer.

Article 33. Insurance Premium

When determining the amount of the insurance premium payable under the insurance contract, the insurer shall have the right to apply its developed insurance tariffs that determine the premium charged per unit of the insurance amount, taking into account the object of insurance and the nature of the insurance risk.

The amount of the insurance premium for certain types of insurance shall be determined in accordance with the insurance tariffs established by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 34. Payment of Insurance Indemnity (Insurance Benefit)

The insurer shall be obliged to pay the insurance indemnity (insurance benefit) to the person specified in the insurance contract only upon the occurrence of the insured event.

The insurer shall not have the right to:

refuse to pay the insurance indemnity (insurance benefit) within the term established by the insurance contract, if it has received evidence of the occurrence of the insured event stipulated in the insurance contract or the law;

pay the insurance indemnity (insurance benefit) if the occurrence of the insured event is caused by deliberate acts of the insurant (insured person and/or beneficiary) aimed at the occurrence of the insured event. In this case, the insurer shall not return the paid insurance premium.

By agreement of the parties, the insurer, before making a full calculation of loss, may pay a part of the insurance indemnity in an amount not disputed by either party.

Chapter 4. Requirements for the Head and Chief Accountant of the Insurer (Reinsurer), the Insurance Broker and their Separate Subdivisions

Article 35. General Requirements

The heads and chief accountants of insurers (reinsurers), insurance brokers and their separate subdivisions shall be appointed subject to their compliance with the qualification requirements established by this Law.

The insurer (reinsurer) and the insurance broker shall be obliged to provide the authorized state body with documents confirming the candidate's compliance with the qualification requirements established by this Law prior to its appointment to the position of the head or chief accountant of the insurer (reinsurer) and the insurance broker, as well as their separate subdivisions.

Article 36. Qualification Requirements for the Head and Chief Accountant of the Insurer (Reinsurer) and the Insurance Broker

The head of the insurer (reinsurer) and the insurance broker shall comply with the following qualification requirements:

a higher education degree;

for specialists with economic, financial and legal specialization — at least three years of work experience in the field of insurance (excluding work experience as an insurance agent, as well as in the positions of supporting, technical and maintenance personnel);

for specialists with other specializations — at least seven years of work experience in the field of insurance (excluding work experience as an insurance agent, as well as in the positions of supporting, technical and maintenance personnel).

The chief accountant of the insurer (reinsurer) and the insurance broker shall comply with the requirements established by the Law of the Republic of Uzbekistan "On Accounting".

Article 37. Qualification Requirements for the Head and Chief Accountant of the Separate Subdivision of the Insurer (Reinsurer) and the Insurance Broker

The head of the separate subdivision of the insurer (reinsurer) and the insurance broker shall comply with the following qualification requirements:

a higher education degree;

at least one year of work experience in the field of insurance (excluding work experience as an insurance agent, as well as in the positions of supporting, technical and maintenance personnel);

The chief accountant of the separate subdivision of the insurer (reinsurer) and the insurance broker shall comply with the following qualification requirements:

a higher (accounting, auditing, financial or economic) education degree;

at least one year of work experience as an accountant.

Article 38. Additional Requirements for the Head and Chief Accountant of the Insurer (Reinsurer), the Insurance Broker and their Separate Subdivisions

A person who was the head (chief accountant) of a legal entity for one year prior to the recognition of such legal entity as bankrupt or the adoption of a court decision on its liquidation may not be appointed as the head (chief accountant) of the insurer (reinsurer), the insurance broker and their separate subdivisions, if there are facts that the actions taken by such head (chief accountant) led to the bankruptcy or the adoption of the court decision on its liquidation.

Chapter 5. State Registration, Licensing of Activities, Reorganization and Liquidation of Professional Participants of the Insurance Market

Article 39. Establishment and State Registration of Professional Participants of the Insurance Market

Insurers (reinsurers) shall be established in the form of a joint-stock company.

Other professional participants of the insurance market, who are legal entities, shall be established in the forms of incorporation provided for by legislative acts.

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

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.

Article 41. Requirements for the Company Name of Insurers (Reinsurers) and Insurance Brokers

In the company name of insurers (reinsurers) and insurance brokers, it shall not be allowed to use designations that are identical or similar to the extent of its confusion with the company name of previously established insurers (reinsurers) and insurance brokers, except for the names of branches of insurers (reinsurers) and insurance brokers.

In the event of a change in the company name, form of incorporation or location (postal address), the insurer (reinsurer) and the insurance broker shall be obliged to notify the insurants through the media, and under their existing contracts with a term of more than one year — in a written or electronic form using information and communication technologies.

The term "insurance" or phrases with this term shall be used in the company name or trademark (service mark) only by legal entities licensed to carry out insurance activities.

Legal entities licensed to carry out insurance activities shall be obliged to include the term "insurance" in their company name.

Article 42. Licensing of Insurance Activities

Insurance activities of insurers (reinsurers) and insurance brokers shall be carried out on the basis of licenses issued by the authorized state body in accordance with the procedure established by the legislation.

A license shall be issued to the insurer to carry out insurance activities either in the field of life insurance, or in the field of general insurance, or exclusively reinsurance activities.

An insurer who carries out insurance activities in the field of life insurance shall not have the right to carry out insurance activities in the field of general insurance, except for certain types (classes) in the field of general insurance, determined by the legislation. An insurer who carries out insurance activities in the field of general insurance shall not have the right to carry out insurance activities in the field of life insurance. An insurer who carries out exclusively reinsurance activities shall not have the right to conclude insurance contracts.

The license shall specify the types (classes) of insurance which the insurer intends to carry out.

Article 43. Special Aspects of Suspension of the License of the Insurer (Reinsurer)

The suspension of the license of the insurer (reinsurer) shall entail a ban for it to conclude new insurance (reinsurance) contracts, as well as extend the existing insurance (reinsurance) contracts. The insurer (reinsurer), whose license has been suspended, shall be obliged to fulfill, in accordance with the established procedure, the obligations assumed under previously concluded insurance (reinsurance) contracts.

Article 44. Special Aspects of Termination of the License of the Insurer (Reinsurer)

Within five days from the date of termination of the license, the authorized state body shall be obliged to apply to the court with an application for the liquidation of the insurer (reinsurer) in accordance with the procedure established by the legislation.

The powers of the previously existing management bodies of the insurer (reinsurer) shall be suspended and transferred to the temporary administration appointed by the authorized state body. The temporary administration shall carry out its activities in the period pending a court decision.

The report of the temporary administration of the insurer (reinsurer) shall be submitted to the authorized state body and the court to which the authorized state body submitted the application for the liquidation of the insurer (reinsurer).

During the period of its activity, the temporary administration of the insurer (reinsurer) shall not have the right to carry out debit transactions, except for transactions related to management (administrative) expenses of the insurer, crediting the money received by the insurer (reinsurer) and making payments of the insurance indemnity (insurance benefit) under the previously concluded insurance contracts for which insured events have occurred.

The procedure for the work of the temporary administration of the insurer (reinsurer) shall be determined by the authorized state body.

The provisions of this article shall not apply to cases of termination of the license at the request of the insurer (reinsurer), as well as in case of its reorganization or liquidation by decision of its founders or the management body of the insurer (reinsurer), authorized to do so by the constituent documents.

Article 45. Special Aspects of Reorganization of Insurers (Reinsurers)

The reorganization of insurers (reinsurers) in the form of consolidation, merger, split-up, spin-off and transformation may be carried out with the permission of the authorized state body.

To obtain the permission for reorganization, the insurer (reinsurer) shall submit, along with the relevant application, the following documents to the authorized state body:

the decision of the founders (participants) or the management body of the insurer (reinsurer), authorized to do so by the constituent documents on reorganization;

the balance sheet of the insurer (reinsurer) being established and the forecast of the financial results of its activities;

the draft consolidation or merger agreement (in case of reorganization in the form of consolidation or merger).

The application for reorganization of insurers (reinsurers) shall be considered by the authorized state body within fifteen days from the date of submission of the necessary documents.

The authorized state body shall be obliged to notify the insurer (reinsurer) of the decision in a written or electronic form using information and communication technologies.

The authorized state body shall have the right to refuse the permission for the reorganization of insurers (reinsurers) in cases where:

as a result of the reorganization of the insurers (reinsurers), the requirements for their financial stability may be violated;

the reorganization of the insurers (reinsurers) may lead to the restriction or elimination of competition in the insurance market;

the submitted documents for the issuance of the permission for the reorganization of the insurers (reinsurers) contain incorrect information or such documents do not comply with the legislation;

the reorganization of the insurers (reinsurers) is contrary to the legislation.

In reconsidering the application for reorganization of insurers (reinsurers), it shall not be allowed to refuse the reorganization of the insurers (reinsurers) on new grounds that were not previously specified in the notification of refusal of such reorganization.

In case of reorganization in the form of split-up and spin-off, the license of the insurer (insurers) (reinsurers) shall be terminated. The issuance of licenses to new insurers (reinsurers) established as a result of reorganization shall be carried out in accordance with the procedure established by the legislation. During the reorganization in the form of split-up and spin-off and until the newly established insurers (reinsurers) obtain a license, they shall not have the right to conclude new insurance contracts, extend existing insurance contracts, except for the fulfillment of obligations assumed under previously concluded insurance contracts that have passed to them by succession.

In case of reorganization in the form of merger, the insurer (reinsurer), with which another insurer (reinsurer) mergers, shall retain the current license if the terms and conditions of the license do not change as a result of the merger.

In case of reorganization in the form of transformation, the license of the insurer (reinsurer) shall be reissued.

In case of reorganization in the form of consolidation, it shall be allowed to reissue the license if the reorganized insurers (reinsurers) have a license on the date of state registration of the newly emerged insurer (reinsurer).

Article 46. Priority of Claims of the Liquidated Insurer's Creditors

The claims of creditors of the liquidated insurer, after payment of expenses related to liquidation proceedings, as well as expenses arising from the need to ensure the basic functions of the liquidated insurer, shall be satisfied in the following order of priority:

firstly — the claims of the insurants under compulsory insurance contracts in the sector of life insurance;

secondly — the claims of the insurants under other compulsory insurance contracts;

thirdly — the claims of other insurants (beneficiaries);

fourthly — the claims under payment (executive) documents providing for payments to the budget, and to extra-budgetary funds. After full satisfaction of these claims, social insurance claims and citizens' claims for compensation for damage caused to their property by a crime or administrative offense shall be satisfied;

fifthly — the claims of other creditors of the insurer.

Chapter 6. State Regulation of Insurance Activities

Article 47. Authorized State Body

State regulation of insurance activities shall be carried out by the authorized state body.

The authorized state body shall:

establish mandatory solvency standards and the procedure for their determination, the methodology for calculating the maximum permissible amount of obligations of insurers (reinsurers) for individual risks and the total amount of obligations, the procedure and terms for submitting information on the solvency of insurers (reinsurers);

monitor compliance by professional participants of the insurance market with the legislation on insurance activities, provision for the established solvency standards and other requirements for their financial stability;

license the insurance activities of insurers (reinsurers) and insurance brokers;

establish the procedure and conditions for the formation and placement of funds of insurance reserves of insurers (reinsurers), as well as the procedure for their accounting and reporting;

establish the minimum amount of insurance reserves;

establish the form of financial statements submitted by insurers (reinsurers) and of annual financial statements published by them, as well as the procedure and terms for their submission and publication;

check, in accordance with the legislation, the activities of professional participants of the insurance market and issue them binding orders on the elimination of identified violations, including the elimination of the causes leading to the violation of the right of consumers of insurance services;

in accordance with the established procedure, impose a fine of up to 0.1 percent of the minimum amount of the charter fund (charter capital) of the insurer (reinsurer) for violation by the insurer (reinsurer) of the legislation on insurance activities, including established economic standards;

suspend, in accordance with the procedure established by the legislation, the validity of licenses of insurers (reinsurers) and insurance brokers in full or in respect of certain classes of insurance, as well as apply to the court for their termination;

apply measures and sanctions against insurers (reinsurers) and insurance intermediaries in accordance with the legislation in case of detection of violations of the legislation on countering the legalization of criminally obtained incomes and the financing of terrorism and proliferation of weapons of mass destruction;

publish, on the official website and in the media within six months after the end of each financial year, annual reports on the activities on regulation and supervision of insurance activities, as well as statistical data on the activities of the insurance market during the financial year;

establish the procedure and conditions for carrying out investment activities by insurers (reinsurers);

establish the procedure for the provision of actuarial services;

develop and approve training programs and the procedure for passing qualification exams for obtaining an actuary qualification certificate, conduct a qualification exam for the right to obtain such certificate;

in accordance with the established procedure, issue, terminate and cancel an actuary qualification certificate, maintain a register of actuaries who have a qualification certificate;

request information established by the legislation from professional participants of the insurance market;

exercise other powers in accordance with the legislation.

The authorized state body and its employees shall not have the right to hold a share in the charter fund (charter capital) of professional participants of the insurance market and participate in their management bodies, as well as to act as an insurance intermediary.

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

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.

Article 49. Insurance Reserves of Insurers (Reinsurers)

To ensure the fulfillment of the assumed insurance obligations, insurers (reinsurers) shall, in accordance with the procedure and conditions established by the authorized state body, form and place insurance reserves from insurance premiums paid both in national currency and in foreign currency.

The assets of the insurer (reinsurer) corresponding to its insurance reserves shall not be subject to withdrawal.

Article 50. Guarantees of the Rights and Legitimate Interests of Insurers (Reinsurers)

The state shall guarantee the observance and protection of the property and other rights and legitimate interests of insurers (reinsurers), conditions of free competition in carrying out insurance activities.

Interference in the activities of insurers (reinsurers) by state bodies and other organizations shall be prohibited, unless it is related to the powers of the bodies that exercise state supervision and control over the activities of insurers (reinsurers).

Article 51. Requirements for Internal Control and Risk Management System

Insurance (reinsurance) organizations shall be obliged to comply with the requirements established by the authorized state body for the internal control and the risk management system. The requirements of the authorized state body shall take into account the systemic significance, specifics, scale and complexity of the type of activities carried out by the insurer (reinsurer).

The requirements of the authorized state body to the internal control and the risk management system shall include:

ensuring the completeness, reliability and timeliness of financial, supervisory and other reporting for prudential requirements;

having an approved policy for identifying and managing significant risks, conducting stress testing, as well as a reporting system for significant risks and capital;

consistently executing and complying with the policy on managing risks significant for the insurer (reinsurer) and evaluating their effectiveness;

exercising control by the supervisory board over compliance with the limits of risks and capital established by internal documents, the effectiveness of the procedures used by the insurer (reinsurer) to manage risks.

Article 52. Prevention of Monopolistic Activities

Activities aimed at restricting or eliminating competition in the insurance market, providing or getting unreasonable advantages of some insurers over others, infringing on the rights and legitimate interests of insurants and other persons shall be prohibited.

Professional participants of the insurance market shall be prohibited from using their associations to reach agreements aimed at monopolizing the insurance market.

Chapter 7. Measures and Sanctions Applied by the Authorized State Body

Article 53. Application of Measures and Sanctions

The authorized state body shall have the right to apply the following sanctions to the insurance (reinsurance) organization and the insurance broker, regardless of the supervisory response measures previously applied to them:

suspend the license for up to ten days;

adopt a decision to cancel the license if the licensee has not paid to the authorized state body the state fee for issuing the license within three months from the date of sending (handing over) the notification of the decision to issue the license;

adopt a decision to transfer the insurance portfolio to other insurance organizations.

In determining the appropriateness of applying a sanction in the form of suspension or termination of the license, the following shall be taken into account:

the level of risk, the nature of the violations and/or shortcomings and their consequences;

the scale and significance of the violations and/or shortcomings and their consequences;

regularity (two or more times) and duration of the violations and/or shortcomings;

the impact of the violations and/or shortcomings on the financial state;

the reasons that caused the occurrence of the violations and/or shortcomings;

adoption by the insurance (reinsurance) organization and the insurance broker of independent measures aimed at eliminating the shortcomings, risks or violations revealed in the activities.

Article 54. Gross Violation

One-time gross violations of the license requirements and conditions, which are grounds for termination of the license, shall include:

a) for insurers (reinsurers):

carrying out of other activities prohibited for the licensee by the legislation;

disclosure, without the permission of the insurant, of confidential information obtained during the carrying out of insurance activities, except for the cases provided for by the legislation;

b) for insurance brokers:

conclusion and execution of an insurance contract that is known to be unprofitable for the client;

disclosure, without the permission of the client, of confidential information obtained during the carrying out of intermediary insurance activities, except for the cases provided for by the legislation;

Chapter 8. Assessment of Solvency of Insurers (Reinsurers)

Article 55. Guarantees of Solvency of Insurers (Reinsurers)

Insurers (reinsurers) may not assume obligations exceeding the maximum permissible amount for individual risks and the maximum permissible aggregate amount of liabilities, except for the cases where their ability to fulfill such obligations is reinsured in accordance with established solvency standards and other financial stability requirements.

Article 56. Actuarial Opinion

An actuarial opinion on insurance reserves shall be an integral part of the annual financial statements of the insurance (reinsurance) organization and shall be subject to submission to the authorized state body.

The requirements for the content and submission procedure of the actuarial opinion shall be established by the authorized state body.

Article 57. Coefficients Representing Unprofitability

Insurance (reinsurance) organizations, in order to analyze their activities in the carrying out of all or certain types (classes) of insurance, shall calculate the coefficients representing unprofitability (loss ratio, expense ratio, combined ratio).

Coefficients representing unprofitability (loss ratio, expense ratio, combined ratio) — relative indicators reflecting the unprofitability of the activities of an insurance (reinsurance) organization in the carrying out of all or certain types (classes) of insurance.

The procedure for calculating the coefficients representing unprofitability (loss ratio, expense ratio, combined ratio) shall be established by the authorized state body.

Article 58. Publication of Financial Statements

Insurers (reinsurers) and insurance brokers shall publish financial statements in accordance with the form established by the authorized state body.

Insurers (reinsurers) and insurance brokers shall disclose information related to the state of their own funds, compliance with the requirements for capital, liquidity and the amount of risks, ad well as other key indicators (standards).

The annual financial statement of the insurer (reinsurer) and the insurance broker shall not be subject to publication without an auditor's opinion.

Chapter 9. Reporting, Storing Documents and Receiving Information

Article 59. Special Aspects of Accounting

Insurers (reinsurers), insurance brokers and reinsurance brokers shall keep accounting records in accordance with the legislation, taking into account the special aspects established by the authorized state body.

Article 60. Storing Documentation on Insurance Activities

Professional participants of the insurance market shall be obliged to store documents in their departmental archive in accordance with the procedure and terms established by the Cabinet of Ministers of the Republic of Uzbekistan.

Article 61. Right to Receive Information

Law enforcement agencies, courts, medical, seismological, veterinary, hydrometeorological and other organizations shall be obliged, at the request of insurers and adjusters, to provide the relevant information and documents necessary for the insurer and adjuster to determine the causes and circumstances of the occurrence of insured events, as well as the amount of the insurance indemnity (insurance benefit).

The authorized state body shall have the right to request information from professional participants of the insurance market on the amount of accepted funds and assumed obligations, as well as other information within its competence. The request for such information shall be made in s written form, indicating the reasons for the request.

The authorized state body shall be obliged to maintain confidentiality of the information received, except for the cases where disclosure of the information is allowed in accordance with the law.

Article 62. Insurance Secrecy

Information about insurants, insured persons and beneficiaries, the health status of insurants and insured persons, the insured property, the insurance amount, the availability of bank accounts, and the balances and movement of money on such accounts shall not be subject to disclosure.

The general conditions for carrying out insurance activities, the list of proposed insurance transactions and operations, the insurance tariffs, the types and terms of insurance shall be open information and shall not be the subject of insurance secrecy.

The information specified in part one of this Article may be disclosed to third parties with the written consent of the insurant, as well as the insured persons and the beneficiaries with respect to information relating to them.

Certificates of information related to compulsory insurance of civil liability of vehicle owners shall be submitted by insurers in accordance with the established procedure without the consent of the insurants to the Fund for Guaranteeing Payments on Compulsory Insurance of Civil Liability of Vehicle Owners.

Certificates of the information specified in part one of this Article shall be submitted by insurers, in accordance with the established procedure without the consent of the insurants, to the court, the prosecutor, and in case of an initiated criminal case — to the bodies of inquiry and investigation, in case of an effective court decision on seizure or arrest of the insurant's property — to state enforcement officers.

Certificates of the information specified in part one of this Article, except for information on the health status of insurants and insured persons, the availability of bank accounts, the balances and movement of money on such accounts, shall be provided by insurers in accordance with the established procedure without the consent of insurants to the relevant state administration bodies that monitor the fulfillment by insurants of the compulsory insurance obligation established by the legislation.

Certificates of concluded insurance contracts and made calculations in the event of the death of an insurant — individual shall be issued to:

the person specified in the insurant's will;

a court and a notary — on inheritance cases in their proceedings on the basis of the court decision or the notary's written request certified by its seal. The notary's written request shall be accompanied with a copy of the insurant's death certificate;

a consul — on inheritance cases in its proceedings.

Insurers and insurance intermediaries shall submit to the specially authorized state body information on operations with funds or other property related to combating the legalization of proceeds derived from criminal activities, the financing of terrorism and the financing of the proliferation of weapons of mass destruction in accordance with the Law of the Republic of Uzbekistan “On Combating the Legalization of Proceeds Derived from Criminal Activities, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction” in cases and in the manner prescribed by legislation.

Information on concluded insurance contracts shall be provided to credit bureaus in accordance with the procedure established by the legislation.

Chapter 10. Final Provisions

Article 63. Protection of the Rights and Legitimate Interests of Consumers of Insurance Services

Consumers of insurance services shall be free to choose an insurer and insurance services. Insurers shall be obliged, at the request of the consumer, to provide it with the opportunity to familiarize itself with the terms and conditions of the insurance services.

The insurer shall not, as a condition for obtaining an insurance service or product, force a person to obtain another insurance service or product of the insurer or other third party.

Article 64. Measures to Protect the Rights of Consumers of Services Provided by Professional Participants of the Insurance Market

The authorized state body, in order to perform the functions of protecting the rights of consumers of services provided by professional participants of the insurance market, shall take the following measures:

establish the procedure for disclosure of information about insurance services provided by insurance organizations;

identify systemic shortcomings in the activities of insurance organizations, leading to violations of the rights of consumers of their services, and also take measures to prevent them;

apply measures and sanctions against insurance organizations that have violated the rights of consumers of their services;

advise and assist in restoring the violated rights of consumers of insurance organizations' services;

take measures to improve the financial literacy of the population and business entities.

The authorized state body shall determine information about the insurance market of the Republic of Uzbekistan and publish such information on its official website.

The authorized state body shall have the right to carry out supervisory measures for the purchase by its employees of services provided by professional participants of the insurance market in order to verify compliance by professional participants of the insurance market with the requirements imposed on their activities in relations with consumers.

The supervisory measures shall be carried out without prior notice to professional participants of the insurance market.

Article 65. Dispute Resolution

Disputes arising in the field of insurance activities shall be resolved in accordance with the procedure established by the legislation.

Article 66. Appeal against the Decision of the Authorized State Body

Decisions and actions of the authorized state body may be appealed in accordance with the procedure established by the legislation.

Article 67. Insurance of Foreign Citizens, Stateless Persons and Foreign Legal Entities in the Territory of the Republic of Uzbekistan

Foreign citizens, stateless persons and foreign legal entities in the territory of the Republic of Uzbekistan shall enjoy the right to insurance protection on par with citizens and legal entities of the Republic of Uzbekistan.

Article 68. Responsibility for Violation of the Legislation on Insurance Activities

Persons guilty of violating the legislation on insurance activities shall be held responsible in accordance with the established procedure.

Article 69. Repeal of Certain Legislative Acts of the Republic of Uzbekistan

Repeal:

1) the Law of the Republic of Uzbekistan dated April 5, 2002 No. 358-II "On Insurance Activities" (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2002, No. 4-5, Art. 68);

2) the Resolution of the Oliy Majlis of the Republic of Uzbekistan dated April 5, 2002 No. 359-II "On Enactment of the Law of the Republic of Uzbekistan "On Insurance Activities" (Bulletin of the Oliy Majlis of the Republic of Uzbekistan, 2002, No. 4-5, Art. 69);

3) Article 32 of the Law of the Republic of Uzbekistan dated October 10, 2006 No. ZRU-59 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in connection with Improving the Legal Protection System and Liberalizing the Financial Responsibility of Business Entities" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2006, No. 10, Art. 536);

4) the Law of the Republic of Uzbekistan dated September 14, 2007 No. ZRU-108 "On Amendments and Additions to the Law of the Republic of Uzbekistan "On Insurance Activities" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2007, No. 9, Art. 415);

5) Article 3 of the Law of the Republic of Uzbekistan dated April 21, 2008 No. ZRU-156 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in connection with the Adoption of the Law of the Republic of Uzbekistan "On Compulsory Insurance of Civil Liability of Vehicle Owners" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2008, No. 4, Art. 192);

6) the Law of the Republic of Uzbekistan dated December 22, 2008 No. ZRU-192 "On Amendments and Additions to the Law of the Republic of Uzbekistan "On Insurance Activities" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2008, No. 12, Art. 635);

7) Article 10 of the Law of the Republic of Uzbekistan dated September 22, 2009 No. ZRU-223 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in connection with Improving the Legislation on Combating the Legalization of Criminally Obtained Incomes and the Financing of Terrorism" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2009, No. 9, Art. 337);

8) the Law of the Republic of Uzbekistan dated December 16, 2010 No. ZRU-267 "On Amendments and Additions to Articles 15 and 18 of the Law of the Republic of Uzbekistan "On Insurance Activities" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2010, No. 12, Art. 467);

9) the Law of the Republic of Uzbekistan dated April 11, 2012 No. ZRU-323 "On Amendments and Additions to the Law of the Republic of Uzbekistan "On Insurance Activities" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2012, No. 4, Art. 107);

10) Article 38 of the Law of the Republic of Uzbekistan dated April 30, 2013 No. ZRU-352 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2013, No. 4, Art. 98);

11) Article 25 of the Law of the Republic of Uzbekistan dated October 7, 2013 No. ZRU-355 "On Amendments and Additions to, and Repeal of Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2013, No. 10, Art. 263);

12) Article 22 of the Law of the Republic of Uzbekistan dated September 4, 2014 No. ZRU-373 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2014, No. 9, Art. 244);

13) Article 22 of the Law of the Republic of Uzbekistan dated December 29, 2015 No. ZRU-396 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2015, No. 12, Art. 452);

14) Article 12 of the Law of the Republic of Uzbekistan dated April 18, 2017 No. ZRU-429 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 4, Art. 137);

15) Article 14 of the Law of the Republic of Uzbekistan dated October 16, 2017 No. ZRU-448 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2017, No. 10, Art. 605);

16) Article 16 of the Law of the Republic of Uzbekistan dated January 15, 2019 No. ZRU-516 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in connection with Improving the Mechanisms for Combating Economic Crimes and the Financing of Proliferation of Weapons of Mass Destruction" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2019, No. 1, Art. 5);

17) Article 137 of the Law of the Republic of Uzbekistan dated April 21, 2021 No. ZRU-683 "On Amendments to Certain Legislative Acts of the Republic of Uzbekistan" (Bulletin of the chambers of the Oliy Majlis of the Republic of Uzbekistan, 2021, Annex to No. 4).

Article 70. Ensuring Execution, Communication, Explanation of Essence and Meaning of this Law

The Ministry of Finance of the Republic of Uzbekistan and involved organizations shall ensure the execution of this Law, its communication to the executors, and explanation of its essence and meaning among the population.

Article 71. Bringing the Legislation in Line with this Law

The Cabinet of Ministers of the Republic of Uzbekistan shall:

bring government decisions in line with this Law;

ensure that state administration bodies review and abolish their normative legal acts that are contrary to this Law.

Article 72. Entry into Force of this Law

This Law shall enter into force three months after the date of its official publication.

President of the Republic of Uzbekistan SH. MIRZIYOYEV

Tashkent,

November 23, 2021,

No. LRU-730