Tashkent, Uzbekistan (UzDaily.com) – The President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On measures to reform and ensure the accelerated development of the insurance market of the Republic of Uzbekistan”.

The resolution said that the minimum authorized capital of insurers will be gradually increased during 2020-2022.

At the same time, the limit size of the reserve Fund of the insurance company, formed by deductions of up to 20 percent of income with reference to deductible expenses, will be increased to 50 percent of the authorized Fund of the insurance company.

It is also planned to introduce a mechanism of processing of electronic policy (E-policy) by separate kinds of insurance.

From 1 January 2020, the rate of single tax payment for legal entities – insurance brokers and insurance agents is determined in the amount of 13 percent of the commission fees.

Participation of the insurance company in the authorized funds of other insurance companies is not allowed. A minimum level of insurance reserves will be established.

The tax exemption on personal income in terms of funds allocated for payment of insurance premiums for long-term life insurance is applied under the following conditions:

- in case of a one-time payment of the sum insured not earlier than 12 months from the date of the beginning of the insurance period under the contract;

- at the beginning of payment of rent not earlier than 12 months from the date of the beginning of the insurance period under the contract;

- at the beginning of payment of rent earlier than 12 months from the date of the beginning of the insurance period under the contract.

Also, the resolution created the Agency for the development of the insurance market under the Ministry of Finance and identified its main tasks.