New requirements were set in line with the resolution of the President of Uzbekistan “On additional measures on further reforming and developing insurance services’ market” from 21 May 2008.

The document was adopted for further improving insurance activity, raising capitalization and financial sustainability of insurers, expanding geography of their regional networks and stimulation of their participation in investment processes, as well as effective protection of consumers of insurance services.

In line with the resolution, insurance companies, operating in general insurance sector, should form charter capital at the equivalent to 750,000 euros and life insurers – at 1 million euros.

Minimal size of authorized capital on mandatory insurance set at 1.5 million euros and reinsurance – 4 million euros.

Existing insurance companies were entrusted to ensure that their charter capitals meet above-mentioned requirements till 1 January 2010.