Кафедраси

ТОШКЕНТ МОЛИЯ ИНСТИТУТИ

“СУҒУРТА ИШИ” КАФЕДРАСИ

1. Statement of Objectives

2. Asset and Liability Management

Licensees must maintain the minimum net worth as prescribed by the Law, or the minimum regulatory net worth set by the Authority which ever is the greater. A licensee must hold sufficient assets of appropriate nature, term and liquidity to ensure that they are able to meet their liabilities as they fall due. Licensees should conduct a detailed analysis of the management of the asset/liability relationship in the development and the review of their investment policies and procedures.

3. Segregation of assets

Licensees who carry out both long-term and general business must keep separate accounts in respect of its long-term business. In accordance with the regulatory law all premiums paid into separate accounts shall be kept segregated from one another and independent of all other funds of the insurer, and are not chargeable with any liability arising from any other business of the insurer.

4. The Investment Process

4.1. The actual composition of an asset portfolio should be the product of a well-

structured investment process with appropriate steps for implementation. The investment process should include the following:

4.1.1 A statement of the strategic investment policy;

4.1.2 Systems that allow the identification, measurement and assessment of investment risks and the aggregation of these risks at different levels, for example for any separate portfolios held, for the insurance company and where appropriate for the group as a whole.

4.1.3 Adequate procedures for the measurement and assessment of investment performance;

4.1.4 Adequate and timely internal communication of information on investment activities;

4.1.5 Procedures to identify and control the dependence on and vulnerability of the insurer to key personnel and systems; and

4.1.6 Procedures should be clearly specified for any changes to the implementation of the investment strategy.

4.2. In addition, licensees should include the following in its investment process unless it is considered non-applicable given the size and complexity of the entity:

4.2.1 Key control structures, such as the segregation of duties, approvals, verifications and reconciliations. Remuneration policies should be designed to avoid potential incentives for unauthorised risk taking;

4.2.2 Internal procedures to review the appropriateness of the investment policies and procedures;

4.2.3 Rigorous and effective audit procedures and monitoring activities to identify and report weaknesses in investment controls and compliance;

5. The Investment Strategy The investment strategy should contain the following features:

5.1. The asset allocation in terms of the asset mix over the investment categories selected. In general, no more than 20% of the actuarially determined reserves should be invested in equities without the prior approval of the Authority. In addition, property and casualty insurers should cover their technical reserves with short-term liquid assets;

5.2. Any limits on asset allocation by geographical area, markets, sectors, counter-parties and currency;

5.3. The overall approach to the selection of individual securities and other investment titles. The asset portfolio mix should pay due consideration to the risk profile of the insurer and its liquidity needs.

5.4. Details, where applicable, of any restrictions on assets;

5.5. Details on the company's approach to the use of derivatives and/or structured products, including evidence of adequate internal controls and monitoring of derivative positions and any restrictions in the use of derivatives and/or structured products. The use of derivative contracts must be specifically approved by the Authority; and

5.6. In the case of active management, a definition of the scope for investment flexibility, usually through the setting of quantitative asset exposure limits.

6. Operational issues Operational policies for the implementation of the investment strategy should include: 6.1. Identification of who is authorised to undertake asset transactions;

6.2. Any restrictions on portfolio managers, for example, risk limits within the overall investment policy;

6.3. The selection and use of brokers;

6.4. Details of custodial arrangements;

6.5. The methodology and frequency of the performance measurement and analysis; 6.6. The agreed form and frequency of transaction reporting; and

6.7. In the case of outsourcing, a contract setting out the policies, procedures and

quantitative limits of the investment.

7. Monitoring and Control Specific aspects of this are the risk management function, internal controls, investment activity reports and audit function.

7.1. Risk Management

The risk management function should assess the adherence to the approved investment policy and also assess the appropriateness of the investment policy to changes in market conditions and other risk factors. This should include a review of the asset/liability and liquidity position. The reporting of the risk management function should be with sufficient frequency to provide adequate information to judge the changing nature of the insurer's asset profile, the risks that stem from it and the implications for the company's solvency.

7.2. Internal Controls

Adequate systems of internal control are required to ensure investment activities are properly supervised. Procedures should ensure:

7.2.1 Reconciliation between front office and back office, and accounting systems;

7.2.2 Observation of any restrictions on transactions;

7.2.3 Agreement of all parties to a transaction;

7.2.4 Prompt completion of formal documentation;

7.2.5 Reconciliation of positions reported by brokers;

7.2.6 Proper settlement and reporting of positions, and the identification of late payments or late receipts;

7.2.7 Conformance of asset transactions with prevailing market terms and conditions;

7.2.8 Independent checking of rates and/or prices; and that

7.2.9 Authority and dealing limits are not exceeded and all breaches can be

immediately identified.

7.3. Investment Activity Reports Regular and timely reports should be produced which describe the company's exposure. Reports should include:

7.3.1 Details of, and commentary on, investment activity in the period and the relevant period end position;

7.3.2 Details of position by asset type;

7.3.3 An analysis of credit exposures by counterparty;

7.3.4. Details of the relative position of assets and liabilities.

Insurance is an important, dynamically developing area of each modern economy representing a stabilization factor of its evolution. Its basic function is coverage against negative impacts of random events. The base of insurance is the risk transfer from the insured to the insurer, and this transfer, via which the insurer takes upon himself various risks of the insureds, is the ground and purpose of insurance. The presented article points out that, alongside the insurance activities, the importance of the insurance company‘s investment activities is growing. The insurance companies accumulate substantial funds in the form of insurance reserves, which are then invested on the financial markets, thus making insurers some of the most important institutional investors. This me-ans that insurers must be oriented towards the highest returns on insurance reserves. This article‘s aim is to briefly delimit the basis of insurance reserves, define an insurance company‘s investment activities and, based on this analysis, delimit the investment portfolio risk and it‘s management. The article is structured to fit this goal. In the first part, the insurance reserves are defined as a reserve system which serves as an equilibrator of the time disaccord between premium receipts and benefit pay-outs and between loss development random deviations. Insurance reserves are an indispensable requirement of insurance relations and they represent the most important part in an insurance company‘s financial means. In the next part, the insurance companies‘ investment activities are delimited. The insurer‘s business activity lies in the particularity that the insurance company first accumulates the funds and only subsequently bears the costs accompanying the claim settlement. The time period in which the insurer has these substantial funds in the form of insurance reserves at his disposal is being used for investments into various areas of the econo-my. Since the insurance reserves represent foreign capital, the insurance companies must, whilst pursuing their appreciation, also keep in mind their security, which is indicated by the investment portfolio risk. The investment portfolio risk is linked to correct investment and insurance investment portfolio management issues.

Ўзбекистон ўз мустақиллигини қўлга киритгандан сўнг суғурта сохасида туб ўзгаришлар юз берди. Иқтисодий ислохотлар туфайли тармокда ракобат асосида фаолият курсатадиган турли мулк шаклидаги суғурта ташкилотлари вужудга келди. Бугунги кунда суғурта бозор инфратузилмасининг мухим бугини сифатида иктисодиётни ривожланиши учун хизмат килмокда.

Ўзбекистоннинг суғурта бозорини бошкаришда миллий манфаатларига мос келадиган катор вазифаларни муваффакиятли амалга оширишда иктисодий фаолиятнинг узаро уйгун дастаклари мажмуи-бозор институтларини ривожлантириш ва такомиллаштиришга устуворлик бериш мухим омиллардан бири хисобланади.

Республикамизда тулаконли суғурта бозорини барпо этиш ва уни баркарор ривожланишини таъминлаш учун етарли даражада иктисодий ва хукукий асослар яратилди.

“Жамиятимизнинг асосий бўғини бўлган оила институтини янада мустаҳкамлаш ва ривожлантириш, бугунги кунда ёш оилаларни моддий ва маънавий қўллаб-қувватлаш бўйича амалга оширилаётган ишларни янги босқичга кўтариш, бу борада маҳалланинг роли ва аҳамиятини кучайтириш, хотин-қизлар, опа-сингилларимиз учун янада кенг имкониятлар яратиш, жисмонан соғлом, маънан етук ва баркамол авлодни тарбиялаш каби ўз олдимизга қўйган бошқа муҳим мақсадлар барчамизга яхши маълум”¹. Ўзбекистон Республикаси Президенти Ислом Каримовнинг 2011 йилнинг асосий якунлари ва 2012 йилда ўзбекистонни ижтимоий-иқтисодий ривожлантиришнинг устувор йўналишларига бағишланган Вазирлар Маҳкамасининг мажлисидаги маърузасида 2012 йилни юртимизда “Мустаҳкам оила йили” деб эълон қилинганини асослади. Бу эса албатта оилаларни ижтимоий химоялашга эътибор қататиш зарурлигини ифодалайди. Ижтимоий химояни таъминлашда суғуртанинг айниқса шахсий суғуртанинг ўрни беқиёсдир. Шундан келиб чиқиб, суғурта муносабатларини ривожлантириш асосида суғурта бозорининг кўламини кенгайтириш айни пайтда долзарбдир. Янги суғурта ташкилотларининг пайдо бўлиши, суғурта ташкилотларининг узоқ қишлоқ жойларида ўз филиал ва бўлинмаларини очилиши, бунинг исботидир. Суғурта бозорига хизматлар таклиф этувчи суғурта компаниялари бўйича қонунчиликни тартибга солиш ва мустаҳкамлаш борасида қатор ишлар амалга оширилиб, бу борадаги чора-тадбирлар тобора чуқур кўриниш олмоқда.

Молия-кредит тизими ва унинг ажралмас таркибий қисми бўлган суғурта миллий иқтисодиёт рақобатбардошлигини ва барқарорлигини таъминлашда муҳим аҳамиятга эга.

“Ташқи иқтисодий фаолият суғуртаси” фани талабаларга мазкур соҳанинг назарий ва амалий асосларини пухта эгаллаб олиш имкониятини беради. Ушбу фанда суғуртанинг иқтисодий моҳияти, суғурта соҳасида қўлланиладиган атама ва тушунчалар каби долзарб масалалар ўз аксини топган. “Ташқи иқтисодий фаолият суғуртаси” фанининг асосий мақсади Ўзбекистонда жамиятни демократлаштириш ва иқтисодиётни бозор тамойиллари асосида ислоҳ қилиш шароитида Ташқи иқтисодий фаолият суғуртасини ташкил этишнинг назарий ва амалий асосларини ўрганишдан иборат.

ЎЗБЕКИСТОН РЕСПУБЛИКАСИ ОЛИЙ ВА ЎРТА МАХСУС ТАЪЛИМ ВАЗИРЛИГИ