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Working meeting on the results of the insurance system in 2024
In the afternoon of January 8, the National Bank of Tajikistan hosted a working meeting with heads of insurance organizations and the National Association of Insurance Organizations of Tajikistan to discuss the results of the country's insurance system in 2024.
Deputy Chairman of the National Bank of Tajikistan, Sirodjiddin Ikromi, opened the meeting. He noted that despite the difficult economic, social, and political situation globally, the republic's main macroeconomic indicators, including key indicators of the country's insurance system, performed well.
At the same time, it was noted that in order to achieve the goals set by the Government of the country, the National Bank of Tajikistan, as the insurance supervisory authority, used all available opportunities to ensure the development of the country's insurance system and took timely and effective measures.
In connection with the state of the insurance system, it was noted that the National Bank of Tajikistan, based on the wise policy of the Founder of Peace and National Unity, Leader of the Nation, President of the Republic of Tajikistan honorable Emomali Rahmon, is implementing sectoral reforms to align the insurance system with international standards. Specifically, in 2024, amendments and additions were made to the Law of the Republic of Tajikistan "On Insurance Activities" to strengthen the legal framework and improve the industry. Additionally, a provision mandating fully non-cash implementation of insurance transactions has been added to this law and is currently in the final stages of adoption.
Simultaneously, two regulatory legal acts governing the industry were developed and adopted by the relevant decisions of the NBT Board. These acts establish the procedures for conducting inspections and contributions to insurance reserves of insurance organizations.
In addition, in 2024, the NBT was able to develop drafts of a new automated financial reporting form, a balance sheet plan, and descriptions of individual balance sheets for insurance companies. In collaboration with insurance companies, these drafts were improved.
These acts contribute to the formation of the basic infrastructure of the country's insurance system, further eliminate uncertainties in insurance transactions, and ensure transparent activities by insurance entities.
Then, Boburkhon Boboev, Head of the Insurance Control Management, presented on the activities of Tajikistan's insurance system in 2024. He provided information on the country's insurance market coverage, key industry indicators, compliance with legal requirements and acceptable standards set by the insurance supervisory authority, as well as efforts to correct existing deficiencies in the insurance system and its future development prospects.
During the discussion of issues, representatives of insurance companies reported on their activities, including the elimination of existing deficiencies and the goals they had set.
The Chairman of the meeting instructed insurance organizations to conduct their activities according to the law to improve service quality, consider policyholder claims in accordance with legal requirements, ensure transparency, introduce modern services, expand public outreach, and carry out all types of insurance transactions electronically.
At the end of the meeting, Sirodjiddin Ikromi stated that in order to implement our plans and objectives, we need to jointly ensure the development of the country's insurance system and take measures to transform it into one of the most important sectors of the country's financial system.
NBT
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09.01.2025