Turkmenistan Modernizes Its Regulations on Licensing and Insurance

BUSINESS TURKMENISTAN
Turkmenistan Modernizes Its Regulations on Licensing and Insurance
A law on state individual compulsory insurance of passengers of all types of transport is planned to be drafted in Turkmenistan.

President of Turkmenistan Gurbanguly Berdimuhamedov signed the Resolution, approving the list of licensing authorities for certain types of activities subject to licensing and the amounts of the state fee charged for issuing licenses.

In accordance with the document, the Resolution of the President of Turkmenistan No. 13180 dated August 23, 2013 “On improving the organization of licensed activities in Turkmenistan” is considered invalid.

During the video conference meeting of the Cabinet of Ministers of Turkmenistan, headed by President Gurbanguly Berdimuhamedov, Deputy Prime Minister Gadyrgeldi Mushshikov said in the creation of the draft law, ministries and sectoral departments have analyzed the rules, regulations and lists in force in this area and revised the size of state duties.

The Deputy Prime Minister then briefed on measures taken to further develop insurance activities. In particular, Mushshikov said that in order to streamline the work carried out in this direction and expand the list of services provided in this area, a draft new version of the Rules for Mandatory State Insurance of Passengers of All Modes of Transport and Transport Complex Workers was developed.

In the document, the terms and requirements are brought into line with the amendments and additions made in recent years to the Laws of Turkmenistan “On Insurance”, “On Road Transport”, “On Railway Transport”, the Air Code and the Code of Merchant Shipping.

According to the results of the work carried out, it is planned to draft the law on state individual compulsory insurance of passengers of all types of transport, crew members of air, sea, river, road transport and railway workers.

Approving the proposal, the President noted that this step is intended to contribute to the active integration of the insurance system of Turkmenistan in the international insurance market. In this regard, the Turkmen Leader emphasized the need to take into account best world practices, especially in the national economy, when developing the necessary documents.

The Head of State then instructed in a short time to work out the issue of privatizing state enterprises, transforming into joint-stock companies, and creating private enterprises on their basis.