UZBEKISTAN: from July 1, 2022, all types of insurance to be carried out electronically

1 November 2021 —
Uzbekistan has adopted a Presidential Resolution "On additional measures to digitalize the insurance market and develop the life insurance sector," according to which, from July 1, 2022, it will be allowed to carry out all types (classes) of insurance in electronic form, reports.

From January 1, 2023, issuance of insurance policies on paper for all types of compulsory insurance will be canceled. Also, from January 1, 2022 to January 1, 2025, the tax rate for income tax, calculated in relation to this activity of insurance organizations in life insurance, will be reduced by 50%.

Until June 1, 2022, based on a unified information system for compulsory civil liability insurance of vehicle owners, a unified automated information system for registering all insurance policies and monitoring their turnover will be implemented. Registration of insurance contracts through the Unified Information System is mandatory for insurance organizations, the news portal writes.