This initiative was developed as part of the implementation of the presidential decree dated March 20, 2024, No. 79, aimed at developing the insurance sector. The main objective of this project is to create internal reinsurance capacity, reduce the dependence of local insurers on foreign organizations, and strengthen financial stability.
According to the draft, the following measures are proposed:
- GSO will become the national operator for reinsurance;
- insurance companies will be required to transfer at least 10% of risks for reinsurance to GSO, with plans to increase this percentage to 50% in the future;
- all risks that will be transferred to the Eurasian Reinsurance Company (ERC) must be directed exclusively through GSO;
- a new regulation on the national operator for reinsurance is being developed, which will define its legal and organizational aspects.
According to information from the justification note, in 2024, insurance companies transferred 85% of their risks abroad for reinsurance, which is equivalent to 1.27 billion soms.
GSO has a significant authorized capital of 1.144 billion soms, which is fully owned by the state, and is considered ready for new tasks both financially and institutionally. The project also proposes a phased increase in the company's capital using state funds.
