This measure is included in the programme on further developing microfinancing and non-banking financial sector of Uzbekistan for 2011-2015, which was approved by the Uzbek President Islam Karimov.

In line with the document, the minimum size of the charter capital for insurance companies will be increased stage-by-stage by 2015.

According to the programme, the companies, working in general insurance sector, should be obliged to increase charter capital up to 1.5 million euros by 2015. Currently, this requirement set at 750,000 euros.

By 2015, the minimum size of charter capital for life insurance companies will be increased from current 1 million euros to 2 million euros.

The companies, working on mandatory insurance, will have to raise their charter capitals from 1.5 million euros to 3 billion euros, while reinsurance companies – from 4 million euros to 6 million euros.

At the end of the third quarter of 2010, 33 insurance companies operated in Uzbekistan, including 30 in general insurance, two in life insurance and one in reinsurance sector.