The National Agency for Prospective Projects (NAPP) has revoked the license of the insurance company Euroasia Life Insurance.
The license which allowed the company to carry out insurance activities in the field of life insurance in classes I, II, III, and IV, and in the field of general insurance in classes 1 and 2 in voluntary and mandatory forms, has been canceled since February 2, 2024. Despite the revocation, the company is mandated to fulfill its obligations under previously executed insurance and reinsurance contracts.
NAPP’s Regulatory Actions
The functions of the insurance market regulator were transferred to NAPP in September 2023. 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. Asko-Vostok voluntarily refused the license.
In addition to license cancellations, NAPP also suspended the licenses of three organizations, the last of which was Omad Sug’urta in December. Eight more insurers were fined for violations of regulations totaling UZS 252mn ($20,409).
Recent Actions Against Kapital Sug’urta
On January 11, NAPP fined the company Kapital Sug’urta UZS 162mn ($13,120) for discrepancies identified in its reporting with legislative criteria. The agency also suspended the insurer’s license for 10 days.
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