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Finance 10/06/2011 Uzbekistan to raise minimum size of charter capital for insurance companies by 2015
Uzbekistan to raise minimum size of charter capital for insurance companies by 2015
Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan signed a resolution, which envisages increasing minimum size of charter capital for insurance companies by 2015.

According to the document, from 1 July 2011, the minimum size for insurance companies, operating in general industry, set at the size of 1,125 million euros.

The minimum size for insurance companies, working in life insurance, set at the size of 1.5 million euros and for companies, operating in mandatory insurance market, - 2.25 million euros, and for reinsurance companies – 5 million euros.

The resolution set next stage of raising charter capital for local insurance companies from 1 July 2014.

From this time, the companies, working in general insurance, should have charter capital equal to 1.5 million euros, insurers, operating in life insurance, - 2 million euros, and companies, working in mandatory insurance, - 3 million euros, as well as re-insurance firms – 6 million euros.

Currently, the minimum size of charter capital for general insurance companies set at 750,000 euros, for life insurance companies – 1 million euros and for companies, operating in mandatory insurance market, - 1.5 million euros. The minimum size of charter capital for reinsurance companies set at 4 million euros.

Currently, 34 insurance companies operated in Uzbekistan, including 31 in general insurance, two in life insurance and one in reinsurance sector.

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