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.

In designing its reinsurance programe, the company cooperates with large insurance brokers of the London insurance market as Marsh Ltd, AON Ltd, Colemont Ltd, HSBC and Willis Ltd.

The law 'On insurance' entered into force in Turkmenistan in 2013, defining its foundations as a direction of entrepreneurship.

According to the Law provisions foreign investors (insurance companies, reinsurers, insurance brokers) shall be entitled to undertake insurance, reinsurance and brokerage activities through the establishment of joint ventures and upon obtaining the relevant license. The share of foreign capital (investor) in joint insurers, reinsurers and insurance brokers should not exceed 49 percent of the charter capital.

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