Kafolat Hayot Insurance, an insurance company based in Uzbekistan, has had its license suspended by the National Agency for Prospective Projects (NAPP). This marks the sixth such case in a month, reflecting increased regulatory actions in the insurance sector.
Starting from November 7, Kafolat Hayot Insurance is prohibited from entering into new insurance contracts and extending existing ones. However, the company is still obligated to fulfill its commitments under previously established insurance agreements.
The recent suspension of licenses is part of a broader regulatory effort. In October, NAPP canceled the licenses of three other insurance organizations: Unipolis, Farovon Sug'urta, and Sharq-Sug'urta. Additionally, eight credit institutions were fined over UZS 250mn ($20,297) collectively for non-compliance with prudential standards.
On November 3, Asko-Vostok's license was also revoked, with the company subsequently clarifying that it had voluntarily surrendered the license. These developments reflect a shifting landscape in the Uzbek insurance and financial sectors.
Kafolat Hayot Insurance, established in 2018, offers life and health insurance services to both individuals and legal entities. The company's partners include Kafolat sug'urta kompaniyasi and Interassist. The most recent license issued to Kafolat Hayot Insurance dates back to January 2022.
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