Uzbek State Insurance Supervision Service acquires right to participate in several insurance companies’ share capital
Uzbekistan, Tashkent, May 7 / Trend, D. Azizov /
An amendment to the law "On insurance activity" has entered into force in Uzbekistan. According to the law, the specially authorized state body (State Insurance Supervision Service under the Ministry of Finance) and its employees have an exceptional right to participate in the share capital and management bodies of public joint-stock companies "Uzagrosug'urta", "Kafolat" and UzbekInvest NEIIC.
Prior to the introduction of this amendment, the State Insurance Supervision Service employees did not have the right to participate in the statutory funds and management bodies of professional participants of the insurance market as well as act as insurance intermediaries.
The National Export-Import Insurance Company of Uzbekistan (UzbekInvest NEIIC) is the largest insurance company in Uzbekistan and has been operating in the country since 1994. The company is a government agency of export-import insurance and conducts all types of general insurance in the domestic market.
The authorized capital of the NEIIC amounts to $60 million. The founders of UzbekInvest are the Ministry of Finance of Uzbekistan (83.3 percent) and the National Bank for Foreign Economic Affairs (16.7 percent).
Uzagrosugurta was created in 1997 to provide services for the comprehensive insurance of companies in the Uzbek agricultural sector. Its authorized capital is 10.215 billion soums.
Uzagrosugurta's largest shareholders are the Finance Ministry - 75.8 per cent and Uzhlopkoprom state association - 13.1 per cent. At present, the authorized capital of the insurer is 8.2 billion soums.
The biggest shareholders are the National Bank for Foreign Economic Affairs - 32 percent, Navoi Mining and Metallurgical Combine - 21.2 percent, Uzagrosugurta - 12.8 percent, the Uzbek Finance Ministry - 9.5 percent and Almalyk Steel Works - 9.1 percent.
As of late 2012, some 33 participants of the insurance market operated in Uzbekistan. The aggregate amount of the authorized capital of Uzbek insurers exceeded $150 million, the growth of the insurance market amounted to 145 percent.
The official exchange rate on May 7 is 2.069.48 Soums /$ 1 .