Law on insurance comes into force in Turkmenistan
The law 'On insurance' has come into force In Turkmenistan, Trend news agency reported on Monday, referring to an official Turkmen source.
The law regulates the system of relations in the insurance market, sets the legal, economic and organisational basis of state regulation and oversight in the area of insurance.
According to the article of the law, foreign investors (insurance companies, reinsurers, insurance brokers) shall be entitled to perform insurance, reinsurance and brokerage activities through the establishment of joint ventures and upon obtaining the relevant licence.
The share of foreign capital (investor) in joint insurers, reinsurers and insurance brokers should not exceed 49 per cent of the charter capital.
The minimum size of the authorised capital of insurers, reinsurers and insurance brokers with participation of foreign investors is set by the Cabinet of Ministers of Turkmenistan.
According to the document, participation of non-resident organisations of Turkmenistan that are not insurance brokers, in the creation of an insurance broker in Turkmenistan, as well as opening of branches and representative offices of non-resident insurance brokers in Turkmenistan is prohibited.
The State Insurance Organisation of Turkmenistan (Turkmengosstrah) has an extensive network in the country of more than 40 offices. At this stage, the organisation is expanding partnerships with leading international insurance and reinsurance companies and insurance brokers.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!