Insurance in Turkmenistan

The local term ätiýaçlandyryş means insurance. The Ministry of Finance and Economy supervises insurers, licensing, tariffs, reserves, solvency, inspections and sanctions. The State Insurance Organization of Turkmenistan is the central provider for compulsory insurance and also sells voluntary products through a nationwide network, including electronic policies and payments. Other documented providers include Hazar Ätiýaçlandyryş OJSC, Ätiýaçlandyryş hyzmatlary JSC, Gadamly Osush ES and Resmi Kepil. Compulsory insurance is assigned by law to state insurance organizations, while voluntary products depend on the insurer's rules, licence and prior approval by the supervisory authority. Official portal views list about 57 to 59 product types, although the displayed count of compulsory products varies between six and seven. Common compulsory areas include vehicle and liability cover, fire and environmental risks, high-risk work, transport passengers and personnel, and hunting supervision. Voluntary cover can protect against accident, illness, life, health, travel, household and real-estate loss, vehicle damage, agricultural and construction risks, marine and aviation risks, investment and credit risks, and professional or business liability. Social insurance includes mandatory pension insurance, mandatory professional pension insurance and voluntary pension contracts. The Pension Fund under the Ministry of Labour and Social Protection administers pension insurance, and applications for pensions are generally filed with the local Pension Fund at the applicant's permanent residence. Pension payments can arise from old age, service period, occupational status, disability, loss of a survivor or a capital-pension arrangement. Employers, registered companies, branches of foreign companies, diplomatic and international organizations, individual entrepreneurs and qualifying professional or self-employed people can fall within the statutory system. The employer contribution is 20% of the assessment base. Depending on the category, certain self-employed people pay at least 15% of the minimum wage or at least 20% of the average wage; professional pension insurance adds 3.5%, while voluntary pension contributions start at 2%. Contribution declarations are due each month by the 20th of the following month. Medical insurance follows a separate legal framework: the General Insurance Law excludes it, while the Health Law provides for state voluntary medical insurance. The contribution is 3% of wages, scholarships, pensions, state benefits or income, with a statutory base used where a person has no regular income. State health guarantees and state voluntary medical insurance operate as the main functional forms of medical cover. The official product catalogue also includes travel insurance for foreign persons in Turkmenistan and for citizens leaving the country. A policy normally begins with a written application or another declaration of intent and generally becomes effective when the premium is paid. The policy, certificate or contract proves the cover, and electronic contracts are legally possible. The document should identify the insurer and parties, insured interest and risk, insured sum, relevant property value, premium and payment deadline, duration, claim-payment deadline and signatures. Cover begins at midnight on the contract date and ends at midnight on the final day. A beneficiary can generally be named or replaced before an insured event. Policyholders must pay premiums, report material circumstances and risk changes, follow the claim-reporting rules, provide documents and take reasonable steps to reduce damage. A higher risk can lead to a premium adjustment, suspension or termination. Insurers must provide contract information, pay according to the contract, protect confidentiality and compensate for delay where the law or contract requires it. For personal injury or illness, the claim should be reported without delay and no later than three working days through the documented claims practice. A claimant normally supplies the policy, identity document, medical records and, where relevant, an accident report. For property loss, notify the insurer promptly; notify the police for theft or destruction, the fire service for fire and emergency services for an explosion or accident. Submit a written claim and loss list, and preserve damaged remains until inspection. No single general claims deadline outside the policy or product rules is established by the available evidence. An insurer may reject a claim in situations such as intentional conduct, an intentional criminal offence, intoxication by alcohol or drugs, false information or late reporting that prevents the loss from being verified. Disputes follow the legally defined procedure and may be brought before a court. Voluntary premiums depend on the product and risk, and no single current tariff applies to all products. An official accident tariff example charges 0.5% to 2% of the insured sum per year for adults and 0.2% for children; a partial year is calculated daily. Payment timing follows the contract or applicable law. Cover can end at expiry, after full payment, through non-payment, death, breach of duty or a contractual termination right. A remaining premium may be refunded after expenses are deducted, while an insurer's breach can support a full refund. Foreign and stateless persons receive the same insurance protection and duties under the framework. Property in Turkmenistan owned by a foreign person must be insured with a locally licensed insurer. Contracts for foreign legal entities are limited to insurance types designated by the Cabinet of Ministers, and a foreign investor's share in a joint venture is capped at 49% under the cited framework. The Insurance Law of 2012 was amended through 2021, with further changes reported in November 2025. A new regulation on state insurance was reported as a proposal in July 2026, but its entry into force is not confirmed; current compulsory-insurance details should therefore be checked for the specific product and applicable regulation.