DUSHANBE, November 12, Asia-Plus — member nations of the Eurasian Economic Community (EAEC) intend to create a common insurance market.
The source at the Tajik state service for insurance supervision at the Ministry of Finance (MoF) told Asia-Plus that the EAEC heads of state are supposed to sign a document on creation of the common insurance market next spring.
“Under this protocol the EAEC member nations will have to bring their domestic insurance standards into compliance with international standards,” said the Asia-Plus interlocutor, “” After that, any properly registered insurance company will have the right of getting on market of this integration union and work under common standards.”
Under this document the minimum authorized capital stock of insurance company should be not less than 2 million euros. Meanwhile, the minim capital requirements for insurance companies in Tajikistan are only 100,000 somonis (equivalent to 19,780 euros).
“Unfortunately, our companies are not able to increase their capitals to comply with the EAEC’s minimum capital requirements. We are currently working at this subject,” said the source, “There are many nuances and there ought to seek solution to this problem. Some other countries like Armenian and Kyrgyzstan have also been confronted with the same difficulties. Therefore, it is still premature to speak about signing of this document by Tajikistan.”
Acting director of joint-stock company Orien Insurance Iskandar Sharipov has also shared the state service for insurance supervision official’s views, stressing that no one of Tajik insurance companies is ready to meet the mentioned requirements. “Our insurance companies are not yet well-placed and cannot compete with insurance companies of Russia or other more developed member nations of the Community,” the Orien Insurance top manager said.
In the meantime, a total authorized capital stock of Tajik insurance companies in April 2007 amounted to more than 10.4 million somonis (equivalent to more than 2.057million euros), figures provided by the State Committee for Statistics said.
Tajikistan’s largest insurance companies are: Investsogstrakh (3.5 million somonis); Orien Insurance (3.3 million somonis) and the state-controlled insurance company Tojiksughurta (6.9 million somonis).
Over the first nine months of this year, all insurers operating in Tajikistan have received premiums (the periodic payment made on an insurance policy) totaling 88 million somonis. While the amount of insurance coverage for the report period has totaled 4 million somonis.
