The National Agency for Perspective Projects (NAPP) announced the suspension of insurance company Global Insurance Group's license for 10 days. Additionally, the company was fined UZS 62 mn (nearly $5,000) for violations uncovered during the analysis of its financial reports.
During the 10-day suspension period, Global Insurance Group is prohibited from entering into new insurance (reinsurance) contracts or extending existing ones. However, the company remains obligated to fulfil its obligations under previously established contracts following established procedures.
The decision to suspend the license was made following a thorough examination of the insurer's financial statements, which revealed instances of non-compliance with legislative norms. Since assuming responsibility for regulating the insurance market in September, NAPP has taken action against several companies.
Since its inception, NAPP revoked the licenses of five insurance companies: Unipolis, Farovon Sug'urta, Sharq Sug'urta, Euroasia Life Insurance, and Universal Sug'urta. Additionally, Asko-Vostok voluntarily relinquished its license.
Furthermore, the agency temporarily suspended the licenses of several entities, including Omad Sug'urta and Kapital Sug'urta. In addition to license suspensions, eight insurers have been fined a total of UZS 252 mn (nearly $20,000) for violations of regulatory requirements.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)