It is noted that the regulations define the grounds, procedure, and terms for applying penalties to insurers, as well as the procedure for appealing a decision to apply penalties.
Considering the minimum amount of charter capital established for insurers (MRUKS), the following penalties are provided:
- failure to review applications (insurance claims) within the time limits established by law for compulsory types of insurance - a penalty in the amount of 0.005% of the MRUKS for each case, that is, UZS 1.75 million, for all identified cases in the amount of no more than 0.1% of the MRUKS, that is UZS 35 million.
- failure to pay insurance compensation within the time limits established by law for compulsory types of insurance - a penalty in the amount of 0.01% of the MRUKS for each case, that is, UZS 3.5 million, for all identified cases in the amount of no more than 0.1% of the MRUKS, that is, UZS 35 million.
- appointment of managers and chief accountants of insurers without agreement with the authorized body - a penalty in the amount of 0.09% of the MRUKS for each case, that is, UZS 31.50 million, for all identified cases in the amount of no more than 0.1% of the MRUKS, that is, UZS 35 million.
- failure to comply with mandatory instructions of an authorized government body, including failure to comply on time - a penalty in the amount of 0.09% of the MRUKS for each case, that is, UZS 31.50 million, for all identified cases in the amount of no more than 0.1% of the MRUKS, that is, UZS 35 million.
- failure to comply with the requirement for availability of funds in the account (currency) and other insurer’s bank accounts in the amount of at least 3% of the amount of insurance compensation accrued over the last twelve months – a penalty of 0.1% of the MRUKS, depending on the charter capital of an insurer from UZS 20 million – up to UZS 45 million.
*EUR 1 = UZS 13694,80
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