Foreign investment in insurance activities is subject to local incorporation.
"Article 8. Insurance (reinsurance) company
1. The insurance (reinsurance) company is created in the form of a joint stock company and a limited liability company, and the state insurance organization - in the form of a state unitary enterprise. [...]
4. When creating an insurance (reinsurance) company and carrying out activities with the participation of foreign investors, the following requirements must be observed:
- a foreign investor is required to submit documents confirming its solvency and an audit report (as of the latest date);
- At least 50 percent of the members of the governing bodies of the insurance organization, created with the participation of foreign investors, are citizens of the Republic of Tajikistan; 
- the insurance (reinsurance) company is required to obtain the prior consent of the insurance supervisory authority to increase the size of its authorized capital at the expense of foreign investors and (or) their subsidiaries to alienate their shares (shares in shares to foreign investors (including for sale to foreign investors)) in the authorized capital), and local shareholders (participants) are required to obtain the prior consent of the insurance supervisory authority to alienate their shares (shares in the authorized capital) of the insurance (re insurance) organizations in favor of foreign investors and (or) their subsidiaries (as amended by the Law of the Republic of Tajikistan dated 02.01.2018, No. 1487); [...]" (Law of the Republic of Tajikistan dated July 23, 2016, No. 1349 "On insurance activities" [google translated])
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"Chapter 54. Features of licensing insurance activities
1. Licensed type of activity: insurance activity. [...]
5. An insurance company based on foreign investment is required to submit the following additional documents to the licensing authority in order to obtain a license to carry out insurance activities:
1) foreign insurance company:
- a decision of the relevant body of a foreign insurance organization on its participation in the creation of an insurance organization on the territory of the Republic of Tajikistan. [...]" (Decree of the Government of the Republic of Tajikistan dated April 3, 2007, No. 172
"On approval of the Regulation on the features of licensing of certain types of activities (in the new edition)" [google translated])
Law of the Republic of Tajikistan dated July 23, 2016, No. 1349 "On insurance activities" [google translated]
Decree of the Government of the Republic of Tajikistan dated April 3, 2007, No. 172 "On approval of the Regulation on the features of licensing of certain types of activities (in the new edition)" [google translated]
[<a href="http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=19042">Law</a>],[<a href="http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=7901">Decree</a>]