​What is the difference between compulsory and voluntary insurance?

• 05/05/2019

Obligatory is insurance, carried out by virtue of the legislation of Turkmenistan, which establishes the types, conditions and procedures for the conduct of compulsory insurance.

Mandatory types of insurance are assigned to the state insurance organizations of Turkmenistan.

Voluntary insurance is carried out on the basis of contracts between insurers and policyholders.

The rules of voluntary insurance, determining the conditions and procedure for its conduct, are established by insurers in accordance with the provisions of the Law of Turkmenistan "On Insurance".