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Published: Feb, 2017 | Pages:
36 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Summary The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Uzbekistan, including: • An overview of the insurance regulatory framework in Uzbekistan. • The latest key changes, and changes expected in the country’s insurance regulatory framework. • Key regulations and market practices related to different types of insurance product in the country. • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Uzbekistan. • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations. • Details of the tax and legal systems in the country. Synopsis Timetric’s 'Governance, Risk and Compliance - The Uzbek Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Uzbekistan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Scope • The report covers details of the insurance regulatory framework in Uzbekistan. • The report contains details of the rules and regulations governing insurance products and entities. • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework. • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country. • The report provides details of taxation imposed on insurance products and companies. Reasons To Buy • Gain insights into the insurance regulatory framework in Uzbekistan. • Track the latest regulatory changes, and expected changes impacting the Uzbek insurance industry. • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country. • Understand key regulations and market practices pertaining to various types of insurance product. Key Highlights • The Uzbek insurance industry is regulated by the Ministry of Finance. • Composite insurance is not permitted in the Uzbek insurance industry. • 100% foreign direct investment is permitted in the Uzbek insurance industry. • Non-admitted insurance is not permitted in Uzbekistan. • Key classes of compulsory insurance include motor third-party liability insurance, professional indemnity cover for auditors, notaries and customs officers’ liability and employer’s liability insurance.
Table of Content 1 INTRODUCTION 1.1 What is this Report About? 1.2 Definitions 2 GOVERNANCE, RISK AND COMPLIANCE 2.1 Legislation Overview and Historical Evolution 2.2 Latest Changes in Regulation 2.3 Legislation and Market Practice by Type of Insurance 2.3.1 Life Insurance 2.3.2 Property Insurance 2.3.3 Motor Insurance 2.3.4 Liability insurance 2.3.5 Marine, aviation and transit insurance 2.3.6 Personal accident and health insurance 2.4 Compulsory Insurance 2.4.1 Motor third-party liability insurance 2.4.2 Employers’ liability insurance 2.4.3 Accident insurance to passengers for long-distance public transport 2.4.4 Passenger liability insurance 2.4.5 Commercial carriers’ civil liability insurance 2.5 Supervision and Control 2.5.1 International Association of Insurance Supervisors 2.5.2 Ministry of Finance 2.6 Non-Admitted Insurance Regulations 2.6.1 Overview 2.6.2 Intermediaries 2.6.3 Market practices 2.6.4 Fines and Penalties 2.7 Company Registration and Operations 2.7.1 Type of insurance organization 2.7.2 Establishing a local company 2.7.3 Foreign ownership 2.7.4 Types of license 2.7.5 Capital requirements 2.7.6 Solvency margin 2.7.7 Reserve requirements 2.7.8 Investment regulations 2.7.9 Statutory return requirements 2.7.10 Fee structure 2.8 Taxation 2.8.1 Insurance premium or policy taxation 2.8.2 Withholding taxes on premium paid overseas 2.8.3 Corporate tax 2.8.4 VAT 2.8.5 Captives 2.9 Legal System 2.9.1 Introduction 2.9.2 Access to court 2.9.3 Alternative dispute resolution (ADR) 3 ABOUT TIMETRIC 3.1 Contact Timetric 3.2 About Timetric 3.3 Timetric’s Services 3.4 Disclaimer
List of Tables Table 1: Insurance Industry Definitions Table2: Uzbekistan – Insurance Regulatory Framework Key Features Table 3: Uzbekistan – Life Insurance Regulatory Framework Table4: Uzbekistan – Property Insurance Regulatory Framework Table5: Uzbekistan – Motor Insurance Regulatory Framework Table6: Uzbekistan – Liability Insurance Regulatory Framework Table7: Uzbekistan – Insurance Tariffs on Compulsory Insurance of Civil Liability of the Carrier Table8: Uzbekistan – Coefficient Rate for Determination of Successive Year’s Premium Rates of Civil Liability of the Carrier Table9: Uzbekistan – Minimum Authorized Capital of Insurance Companies Table10: Uzbekistan – Corporate Tax Rates for the Financial Year 2017 List of Figures Figure 1: Uzbekistan – Insurance Supervision and Control at Various Levels Figure 2: Uzbekistan – Insurance Regulatory Frameworks for Company Registration and Operation
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