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Minimum authorized capital of insurers in Uzbekistan increased twice from Jan. 1

Business Materials 4 January 2010 12:18 (UTC +04:00)

Uzbekistan, Tashkent, 4 January / Trend , D.Azizov /

From 1 January 2010, the minimum authorized capital of insurers in Uzbekistan was set in equivalent to not less than €750,000 for insurance companies operating in the general insurance sphere, the State insurance supervision of the Ministry of Finance said.

From 1 January, the minimum authorized capital for the companies working in the field of life insurance was established in amount of €1 million in equivalent of national currency, for the insurance companies working in the compulsory insurance - €1.5 million, for the reinsurance companies - €4 million.

Up to now, the minimum authorized capital for the insurance companies in the Republic was in equivalent of $500,000, $750,000, $1 million and $3 million respectively.

The minimum authorized capital was raised in accordance with the decree by President Islam Karimov on additional measures to further reform and develop insurance market, adopted in May 2008.

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