The National Agency for Prospective Projects (NAPP) has taken the unprecedented step of suspending the license of the insurance company Omad Sug’urta for a period of ten days. The decision, effective as of December 14, cites violations on the part of the insurer under Article 32 of the Law "On Licensing, Permitting, and Notification Procedures." However, the specific nature of these violations remains undisclosed, NAPP reports.
The regulatory action by NAPP prevents Omad Sug'urta from entering into new insurance contracts or renewing existing ones during the suspension period. Simultaneously, the company is mandated to fulfill its obligations under previously concluded agreements in the prescribed manner.
The transfer of insurance market regulatory functions to NAPP in September marked a pivotal moment in the oversight landscape. Since then, the agency has taken decisive actions, including the cancellation of licenses for four insurance companies: Unipolis, Farovon Sug'urta, Sharq Sug'urta, and Asko-Vostok (with the latter voluntarily refusing the license). Additionally, three more insurance company licenses were suspended during this period.
Established in June 2019, Omad Sug'urta is an insurance company that engages in all general types of insurance, excluding life insurance. With branches extending across all regions of Uzbekistan, it has played a significant role in the country's insurance market.
Earlier Daryo reported that the National Agency for Prospective Projects (NAPP) has suspended the license of Kafolat Hayot Insurance, a company operating in Uzbekistan. Effective November 7, Kafolat Hayot Insurance is restricted from initiating new insurance contracts or renewing current ones. Despite the suspension, the company remains obligated to honor its commitments under pre-existing insurance agreements.
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