ASHGABAT, Turkmenistan, Feb.29
By Huseyn Hasanov – Trend:
Turkmenistan has approved Regulations on State Insurance Organization, Trend reports citing the relevant decree signed by the country’s president.
The State Insurance Organization, the Ministry of Finance and Economy and the Ministry of Justice are instructed to prepare and submit to the Cabinet of Ministers within one month the proposals on amendments and additions to the legislation.
This issue was discussed at a government meeting. President Gurbanguly Berdimuhamedov emphasized that in recent years, the improvement of methods for stimulating the development of insurance has acquired special significance.
In this regard, emphasis was placed on the need to take practical steps to increase the interest of potential consumers of insurance services provided in this area, to create an effective system of state supervision of the institution, to organize and protect fair competition in the insurance market.
Among the priorities, Turkmenistan’s president highlighted the creation of the insurance market infrastructure and the favorable conditions for insurers to invest their reserves and other funds, personnel training in this area, as well as the implementation of tax policies that contribute to the creation of a civilized market for insurance services.
The State Insurance Organization of Turkmenistan has a wide network in the country with over 40 branches. The organization is expanding partnerships with leading international insurance and reinsurance companies, as well as insurance brokers.
The country has a law "On Insurance", which regulates the system of relations in the insurance market, establishes the legal, economic and organizational basis for state regulation and supervision of activities in this area.
