New mandate for National Agency for Prospective Projects (NAPP)
In line with the Resolution of the President of the Republic of Uzbekistan dated September 2, 2023, No. PP-291 “On additional measures for the development of the capital market,” the National Agency for Prospective Projects (Agency) has been entrusted with the tasks and functions of monitoring the insurance market. This significant move is part of a broader effort to ensure the protection of the rights and interests of consumers of insurance services.
Daily monitoring of insurance compensation
The Agency has been proactive in its new role, conducting daily monitoring of the payment of insurance compensation by insurance organizations based on incoming requests. This rigorous oversight is a testament to the Agency’s commitment to safeguarding the interests of consumers.
Addressing Consumer Complaints
From September to December of this year, the Agency received over one thousand requests from citizens about late payment or unjustified refusal to pay for insurance cases. The Agency’s intervention led to more than 580 cases where consumers of insurance services were paid over UZS 5.6bn ($453,825) and appropriate explanations were given accordingly.
Ongoing efforts and future plans
The work on considering appeals continues unabated, with new mechanisms being developed to ensure the protection of the rights and interests of consumers of insurance services. The Agency’s efforts are indicative of the evolving landscape of Uzbekistan’s insurance market, with a renewed focus on consumer protection and market transparency.
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