President of Uzbekistan, in a decree dated March 1, 2024, has outlined a series of comprehensive measures aimed at propelling the development of accessibility and transparency of the insurance services market in the country, NAPP reports.
Innovations to Enhance Access and Transparency
The resolution introduces innovative measures focused on enhancing access to insurance services and ensuring transparency within insurance organizations' operations.
Key Initiatives Introduced
1. Digital Transformation and Simplified Procedures
- Mandatory electronic registration of insurance contracts
- Simplified procedures for contract conclusion
- Transition to reporting in a unified information system
2. Consumer Protection and Financial Literacy
- Introduction of a rating system to assess service quality
- Organization of events to enhance insurance culture
- Popularization of new insurance types
3. Suppression of Negative Factors
- Improvement of electronic service provision procedures
- Introduction of international standards
- Increase in minimum authorized capital and establishment of minimum insurance rates
4. Personnel Training
- Revision of educational programs to shorten training duration in insurance field
- Enhancement of qualifications for insurance organization employees
These measures are strategically aligned to foster the growth of the insurance market, elevate service quality, and set robust standards within the industry.
Earlier, it was reported that 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 organizations through digital technology.
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