The National Agency for Advanced Projects (NAPP) has announced the revocation of the license held by Asko-Vostok insurance company, marking the fourth insurer in Uzbekistan to face such action within the past month. The decision, which takes effect on November 3, was made following Article 33 of the Law "On Licensing, Licensing and Notification Procedures."
As per NAPP's statement on its website, the revocation does not absolve Asko-Vostok from fulfilling its obligations under previously established insurance contracts. The regulatory agency has been taking a strict stance on enforcing prudential standards, as evidenced by the recent license revocations of three other insurance companies - Unipolis, Farovon Sug'urta, and Sharq-Sug'urta. In addition, NAPP has imposed fines on eight credit institutions, including Sharq-Sug'urta, amounting to UZS 22.5 mn ($1850) for non-compliance with these standards.
Asko-Vostok, founded in 1991, operates an extensive network of over 30 offices throughout Uzbekistan. The company had been granted its most recent license in February 2022. Previously, NAPP had launched a Telegram bot to facilitate access to information from the Openinfo portal (EPKI).
The revocation of Asko-Vostok's license further underscores the regulatory efforts being undertaken in the insurance sector in Uzbekistan to ensure compliance and protect the interests of policyholders and the overall stability of the industry.
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