TURKMENISTAN: Compulsory TPL insurance of the companies which may endager environment has came into force

The law on environmental safety came into force in Turkmenistan. The new legal act stipulates compulsory insurance of civil liability of enterprises and industries that are a source of increased environmental danger.

According to Azernews, the Law provides for the creation and maintenance of a national system of environmental safety, establishing the framework and the responsibility of bodies of state power and local self-government, public associations for ensuring environmental safety in the corresponding territory has been established.

The independence of the environmental audit of economic and other activities, as well as the compulsory compensation of damage caused as a result of damage to the environment and public health are stipulated in the law.

The state support of entrepreneurial activity in the field of environmental safety is guaranteed through the establishment of tax and other benefits.

A number of articles of the law are devoted to the state examination of environmental safety, certification of products of chemical and petrochemical industries, engineering and electric power industry, processes, works and services.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

TURKMENISTAN: Steps forward to create a single insurance information network

The State Insurance Organization of Turkmenistan, for the time being the sole insurance entity in the country, is completing the creation of a single information network, TREND news agency reported. The Turkmen State Insurance Organization has an extensive network in the country of more than 40 offices and is currently taken steps to expand its partnerships with leading international insurance, reinsurance companies and insurance brokers.

2014-10-02

TURKMENISTAN: A chance for the insurance market demonopolisation in 2014

Starting July 1st, 2014 in Turkmenistan the process of demonopolisation and privatisation of state property will begin, in accordance with the law adopted in December 2013 by the Turkmen Parliament. The new law enforcement also addresses the development of the insurance industry, as it allows the entrance of private capital in this area of business, previously completely controlled by the State through a state monopoly insurance company (The State insurance Company of Turkmenistan).

2014-01-15

TURKMENISTAN is preparing to launch a new insurance company

In the near future will be launched a new player on the insurance market of Turkmenistan, informed the local media. The company name will be ATIYACLANDYRYS Hyzmatlary ("Insurance Services"), and will have the following local entities as shareholders: TURKMENGAS (25%% stake in share capital as a founder), TURKMENISTAN Airlines (with a share of 15% of the authorized capital) and State Insurance of Turkmenistan (with a share of 10%).

2012-08-23

TURKMENISTAN, FY2011: Figures showing the "local appetite" for insurance

In 2011 the gross premium written in Turkmenistan was of EUR 45.7 million, 15% more as compared to a year before. By insurance classes, voluntary segment predominated and represented 95% of total, a hardly usual situation for CIS Region. Looking at the past results, one should notice that the insurance market increased six times in last five years. Responsible for the development of the insurance industry is "the only one" company that operates: TURKMEN GOSSTRAKH which can be translated into "State Insurance Organization of Turkmenistan".

2012-05-10

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all