UZBEKISTAN: expanding the classifier of insurance activities to contribute to the creation of new insurance types and improve the living standards of the population

4 July 2022 — Marina MAGNAVAL
On June 9, 2022, a Decree of the Cabinet of Ministers of the Republic of Uzbekistan "On amendments to some decrees of the Government of the Republic of Uzbekistan, as well as on recognizing some of them as invalid" was adopted, yuz.uz wrote.

This Decree was adopted in order to ensure implementation of the Decree of the President of the Republic of Uzbekistan dated October 23, 2021 "On additional measures to digitalize the insurance market and develop the life insurance sector" and expand the classifier of insurance activities, to popularize life insurance services and develop new insurance products, that are in demand for the population, as well as sectors of the economy.

In accordance with the new Decree, by adding new classes of insurance, the classifier of insurance activities has been expanded. In particular, class V "Life insurance to secure obligations", class VI "Long-term voluntary pension insurance" and class VII "Life insurance with capital return" have been added in the field of life insurance, as well as class 18 "Medical insurance" has been added in the field of general insurance.

According to the Agency for the Development of the Insurance Market under the Ministry of Finance of the Republic, expansion of the classifier of insurance activities contributes to the creation of new types of insurance and improves the living standards of the population.



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