Uzbekistan increases minimal authorized capital requirements for insurers
25/04/2007 12:54
25/04/2007 12:54
Effective from 1 January 2008, the minimal authorized capital of risk insurance companies must be no less than US$500,000, of life insurance and reinsurance companies – not less than US$750,000.
The companies, engaged in compulsory insurance products, should have to increase their authorized capitals to US$1 million, reinsurers – to US$3 million.
The minimal authorized capital was previously fixed at the rate of US$150,000 for risk insurers, US$250,000 for life insurers, US$500,000 for companies, operating in compulsory insurance classes and US$2 million for reinsurers.
The decree of the president of
According to the decree, during the second quarter of 2007 the Ministry of Finance of
As of the end of March 2007, there were 25 insurers in
As of the beginning of the current year total authorized capital of Uzbek insurers amounted to US$66.7 million and 15.8 billion soums. Authorized capital of 11 companies totaled over 1 billion soums, of 6 companies – from 500 million soums to 1 billion soums, while 8 companies had authorized capital of less than 500 million soums.
$ 1 | 12570.00 | +0.024% |
1 | 13698.79 | -0.378% |
₽ 1 | 136.91 | -0.270% |