Uzbekistan’s insurance market to undergo major overhaul

Uzbekistan’s President, Shavkat Mirziyoyev, issued a resolution to enhance the insurance services market on March 1. The resolution aims to improve access to insurance services and ensure transparency in insurance organisations through digital technology, NAPP reported. This includes a shift to digitalization of insurance contracts and policies, simplified contract procedures, and online monitoring of insurance market activities.

The resolution also strengthens consumer protection and service quality. It introduces a rating system for insurance organisations, organises programmes to increase public confidence in insurance services, and introduces new types of insurance. It also mandates insurance against man-made and natural disasters and expands the coverage of voluntary health insurance.

To promote healthy competition and solvency, the resolution improves electronic insurance services, introduces international standards for calculating insurance reserves, and improves the insurance licensing procedure. It also plans to increase the minimum amounts of authorised capital of insurance companies over the next five years and set minimum insurance tariffs.

In addition to this, the resolution focuses on training a new generation of insurance personnel by revising higher education standards and reducing the term of study in the field of insurance. It also ensures regular advanced training for top management in insurance organisations.