Requirements for minimum authorized capital of insurers increased in Uzbekistan

Photo: Requirements for minimum authorized capital of insurers increased in Uzbekistan / Uzbekistan

Tashkent, Uzbekistan, July 1
By Demir Azizov- Trend:

The requirements to increase the minimum authorized capital of insurers set by the decree of President Islam Karimov entered into force in Uzbekistan on July 1.

In accordance with the presidential decree "On additional measures to further improve the financial stability of insurers", adopted in 2011, it was determined that beginning July 1, 2014 the minimum size of authorized capital of insurers should correspond to the amount, equivalent to not less than 1.5 million euros - for insurance companies operating in the sphere of general insurance, two million euros - for the insurance companies specializing in life insurance, three million euros - for insurance companies operating in the compulsory insurance, and six million euros - for reinsurance companies.

The minimum authorized capital of the insurance companies of the republic was established so far in the equivalent of 1.125 million euros, 1.5 million euros, 2.25 million euros and five million euros, respectively.

Today 31 insurance companies with a total registered capital of $ 294.561 billion soums operate in Uzbekistan, according to the Uzbek Ministry of Finance. Some 28 of them are in the field of general insurance. Two companies are in the field of life insurance and there is one reinsurance company.

In 2013, the Uzbek insurance companies increased insurance premiums by 32.1 percent up to 338.483 billion soums compared to 2012, the aggregate payments of insurers of the country amounted to 66.92 billion soums (up 53.4 percent) last year.

Official exchange rate on July 1 - is 2316.27 soums / $ 1 and 3151.52 soums / 1 euro.

Edited by CN

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