TURKMENISTAN: A new draft on individual mandatory state insurance is underway

3 June 2020 —
Turkmenistan is about to introduce a mandatory insurance for the passengers of all transport types, Turkmenportal informs. The corresponding draft of the latest edition of "Rules for mandatory state insurance of passengers of all types of transport and transport complex employees" was presented by Deputy Chairman of the Cabinet of Ministers, Gadyrgeldi MUSHSHIKOV, at a recent session of the government.

In the past years, Turkmenistan made several changes and amendments to the laws "On insurance", "On road transport", "Railway transport" and other several documents, all terms and requirements of the new draft being crafted to conform with these laws. The new draft on individual mandatory state insurance is aimed to protect the passengers of all types of transport, as well as the employees working in transport industries (e.g.: crew members, railway workers).

The President of Turkmenistan approved the initiative and mentioned that this will help the local insurance sector to actively integrate into the international markets, as the state news agency of Turkmenistan reported.

Besides this draft, in April 2020, the president of Turkmenistan signed a decree allowing legal entities to conclude contracts with foreign insurance companies. This document aimed to improve the cooperation with the existing partners and to expand this network with new ones.

The State insurance organization of Turkmenistan offers 6 types of mandatory insurance and 40 types of voluntary insurance. The development of the partnership between Turkmenistan insurance and the world's leading insurance groups like AXA and Allianz seems promising, helping Turkmenistan to strengthen its cooperation with the EU in general, which is one of the country's foreign policy objectives, Turkmenportal noted.