Starting July 1st, new minimum capital requirements were enforced in Uzbekistan, informs the UZREPORT Information agency. The change was due to a Presidential Resolution on "Additional measures to further improve the financial stability of insurers" which was dated May 31, 2011.

According to the new requirements, the minimum size of the insurers' authorized capital should be of EUR 1.5 million for insurance companies operating in the general insurance segment, EUR 2 million for life insurers, EUR 3 million for insurance companies selling compulsory insurance and EUR 6 million for reinsurers.

The previous increase in the minimum capital requirements took place in 2012, setting the size of the minimum authorized capital for insurers at EUR 1.125 million for insurance companies operating in the general insurance, EUR 1.5 million for life insurers, EUR 2.25 million for insurance companies operating in the compulsory insurance and EUR 5 million for reinsurers.

Currently, 31 insurance companies are operating on the Uzbek market, out of which 28 insurers are working on the general insurance segment, 2 companies are in the field of life insurance and one company is specialized in reinsurance operations.