OREANDA-NEWS. January 14, 2011. An order of Finance Minister of Uzbekistan "On introduction of amendments and addenda in the Regulations on insurers and reinsurers' solvency" registered in Justice Ministry No.1806 dated 27 December 2010 came into force on 6 January.

The amendments expand the opportunities of insurance companies to increase their investments into commercial banks' charter funds. According to amendments, clause 17 of the above mentioned Regulations should be read as follows:

"17. Total sum of insurer's (reinsurer's) assets invested in charter funds of other legal entities, should be limited to 50% of the sum of sources of insurer's (reinsurer's) own funds, with the exception of investments into charter funds of commercial banks that received international auditor's positive report on the results of previous fiscal year, unless otherwise required by law."

Moreover, date of accounts of solvency norms and information about requirements to floatation of insurer's (reinsurer's) asserts and requirements to reinsurance companies on operations on the results of the fiscal year were also regulated.

Now the reports should be submitted not later than 15 February of the year following the reported year, while enterprises with foreign investments should submit it not later than 25 March of the year following the reported year.