On 25-26 October a delegation from Uzbekistan participated in the eighth meeting of the Council of the Heads of Insurance Supervision and Regulation Agencies under the Integration Committee of the Eurasia Economic Community (EurAsEC) in Moscow.

Upon return to Tashkent, a journalist of UzReport addressed with some questions the Head of the State Insurance Inspectorate under the Ministry of Finance of the Republic of Uzbekistan Olimjon Ikramov, who headed the Uzbek delegation.

- Mr. Ikramov, what tasks have been set for the Council, particularly, during this last meeting?

- The Council of the Heads of Insurance Supervision and Regulation Agencies under the IC of the EurAsEC is a consultative-advisory body also tasked to coordinate the cooperation of the insurance inspectorates of the EurAsEC member-states. The Council meets at least twice a year on the territories of the EurAsEC member-states. One of such meetings will be held in Tashkent in 2008.

The main tasks of the Council include the harmonization of the insurance legislation, the improvement of the insurance systems, the activation of the interaction between the insurance inspectorates, and assistance in the establishment of mutually beneficial contacts between the insurance organizations and companies.

During the eighth meeting of the Council, a number of documents aimed to harmonize the insurance legislations of the EurAsEC member states were developed and signed. Among them was the Agreement on bringing the national legislations of the EurAsEC member-states to compliance with the main principles of insurance of the International Association of Insurance Supervisors (IAIS), on the establishment of requirements on licensing the insurance activity in compliance with international principles of regulation and supervision of the activity of insurance companies, and recommendations on the establishment of the model of regulation of conflicting situations on the insurance markets and other important documents aimed at the development of insurance market.

- What other events were conducted within the frame of the meeting?

- Participation in this sort of meetings is interesting also because it provides the conditions and opportunity to learn from the experience of the colleagues from abroad, and to share ideas on the development of our markets.

Close contacts have been established with the Federal Service of Insurance Supervision of Russia, State Service for Insurance Supervision of the Ministry of Finance of the Republic of Tajikistan, Head Department of Insurance Supervision of the Ministry of Finance of Belarus, the Agency of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Institutions, the Agency for Financial Supervision and Reporting under the Government of Kyrgyzstan, and the Secretariat of the EurAsEC.

Taking into account the fact that the Law of Uzbekistan "On mandatory insurance of auto-civil liability of vehicle owners" was introduced and passed by the parliament in the first reading, and the need to carry out complex and large-scale measures on preparation for implementation of the provisions of the said draft law, we initiated and conducted negotiations with the representatives of the Russian Union of Auto-Insurers (RUA).

In particular, during the meeting with the head of the department of insurance methodology of the RUA V. Kozlov we discussed the issues concerning the organization of short-term trainings for the staff of Uzbek insurance companies in RUA and direction of RUA experts to Uzbekistan to participate in the international seminar and roundtable meeting planned by the Committee of Oliy Majlis on Judicial Legal Issues for November 2007.

Also, meetings were held with the representatives of the Ministry of Finance of the Russian Federation. By the way, it is interesting that as a result of the administrative reforms in Russia, a division of the Ministry of Finance – the Division for Regulation of the Insurance Activity of the Department of Financial Policy – now deals mainly with the methodology of insurance activity, as the Federal Service for Insurance Supervision directly controls the entities of the insurance relations, analyses their financial-economic activity, and deals with the issues of licensing.

During the meeting with the Head of the Division for Regulation of the Insurance Activity of the Department of Financial Policy of the Ministry of Finance of the Russian Federation V. Olimpiev, we discussed the prospects and opportunities for the development of business contacts between the State Inspection for Insurance Supervision of the Ministry of Finance of Uzbekistan and the Department of Financial Policy of Russia with the aim of enhancing the methodology of the insurance business.

I would like to specifically note on the importance of the meeting with the Director-General of the Financial World Company N. Pavlovsky. This company is the founder of the Russian Public Award in the sphere of insurance "Golden Salamander", which, in turn, is a mark of quality of insurance services in Russia.

Taking into account the importance of this award tot eh provision of the transparency of the insurance market, the formation of the understanding of the importance of insurance among the population and the management of enterprises and organizations, and attraction of a wide circle of media to elucidation of the insurance activity, we have begun and will carry on the negotiations on the institution of a similar award in Uzbekistan under the brand of "Golden Salamander – Uzbekistan."

- Could you please give more details about this award?

- The Russian award in the field of insurance – Golden Salamander is awarded annually to the leaders and professions of the insurance business. The official ceremony is held on annual basis, and is attended by the management of insurance and reinsurance companies, the largest Russian unions and associations, socio-political organizations, and the representatives of government, ministries and agencies of Russia.

Expert assessment of the organizations and individuals participating in the contest, based on which the candidates and laureates are selected, is carried out by the Expert Council consisting of the professionals of the insurance business.

The candidates for the Golden Salamander award are usually organizations of all forms of ownership, and conducting insurance operations, brokerage or reinsurance activity as one of the main forms of their activity, and other companies, enterprises, media institutions working in this sector and complying with the norms of the Federal Service of Insurance Supervision, as well as individuals, particularly those who have distinguished themselves in this sphere of activity.

Today awards are given in 21 nominations, including the main ones – Insurance Company of the Year, Inter-Regional Insurance Company of the Year, Reinsurance Company of the Year, Insurance Broker of the Year, Regional Insurance Company of the Year, Medical Insurance Company of the Year, and Life Insurance Company of the Year. Among the individual nominations are – the Head of the Insurance Organisation of the Year, Personal Contribution to the Development of the Insurance Market of Russia, Personal Contribution to the Development of Science and Preparation of Staff in Insurance, and the Manager of the Year in Insurance. In addition, there are special awards of the Steering Committee – such as an award "For contribution to the development of the insurance market of Russia".

I think that this is a very interesting idea, and in the sense of raising the "transparency" of our insurance market I think that not only a narrow circle of specialists and experts, but also general public and of course of main consumers – the clients of the insurance companies should know who is the best in the market, and who has the highest quality insurance products, who is most reliable and good to work with.

Thank your for the attention.