This document was developed in accordance with the presidential decree dated March 20, 2024, No. 79, which aims to develop the insurance sector. The main objective of this initiative is to create internal reinsurance capacity, reduce the dependence of local insurers on foreign partners, and increase the resilience of the country's financial system.
According to the draft resolution, the following is proposed:
- GSO will receive the status of national operator for reinsurance;
- insurance companies will be required to transfer at least 10% of their risks to GSO for reinsurance, with a plan to increase this share to 50% over the coming years;
- risks that are to be transferred to the Eurasian Reinsurance Company (ERC) will be directed only through GSO;
- a new regulation on the national operator for reinsurance will be approved, which will define the legal and organizational aspects of its activities.
According to the justification note, in 2024, the insurance companies of the country transferred 85% of their risks abroad for reinsurance, amounting to 1.27 billion soms.
GSO has a significant authorized capital of 1.144 billion soms, fully owned by the state, and is considered ready to perform new functions in terms of financial and institutional stability. The project also envisions a phased increase in the company's capital through budget financing.
