Uzbekistan, Tashkent, July 2 / Trend D.Azizov /
In Uzbekistan, from July 1, the minimum authorised capital of insurers operating in the general insurance industry, is set in an amount equivalent to at least 1.125 million euros, the country's state insurance supervision committee said.
For companies working in the field of life insurance, the minimum authorised capital from 1 July is 1.5 million euros in the equivalent, for insurance companies, working in the compulsory insurance - 2.250 million euros. For reinsurers the minimum authorised capital is set at five million euros.
To date, the minimum authorised capitals of the insurance companies were the equivalent of 750,000 euros, one million euros, 1.5 million euros and four million euros, respectively.
Thus, the minimum size for the insurance companies increased by 1.5 times, for the reinsurance companies - by 1.25.
New requirements for minimum authorised capital of insurers are established in accordance with the decree "On additional measures to further improve the financial stability of insurers", adopted in May 2011.
As reported, the decree approved the gradual increase in the minimum amount of authorised capital of the Uzbek insurance companies twice, in particular, from July 1, 2012 - 1.5 times.
The next stage of raising the minimum authorised capital of insurers is set from July 1, 2014. From that date, for insurance companies acting in the general insurance industry, the minimum authorised capital would be the equivalent of at least 1.5 million euros, in the life insurance industry - two million euros, in the compulsory insurance - three million euros, in reinsurance - six million euros.
At the present time, there 37 insurance companies in the republic, two of them - in the life insurance industry, one reinsurance company and 34 insurers - in general insurance. In addition, the insurance market has three insurance brokers, two actuarial organizations, the four companies providing insurance assistance, and four adjusting and survey organizations.
In 2011, insurance companies of Uzbekistan increased premiums by 36.6 percent compared to the totals in 2010 - up to 231.6 billion soums, the total amount of insurance payments on all types of insurance rose by 67 percent - to 45.1 billion soums.
The official exchange rate is 1884.75 soums to $ 1 on July .