The Insurance Payments Guarantee Fund of Uzbekistan and the Insurance Payments Guarantee Fund of Kazakhstan signed a memorandum of cooperation aimed at strengthening reliability of national insurance systems and improving mechanisms for protecting policyholders' rights, uzdaily.uz reports.

The document provides for the development of cooperation in key areas, including exchange of experience in paid claims settlement and managing financial reserves.

The parties also agreed to jointly develop a methodology aimed at developing sustainable standards for the insurance market operation.

Implementation of these agreements is expected to facilitate introduction of modern international approaches to protecting interests of citizens and will contribute to long-term stability of the insurance sector in Uzbekistan and Kazakhstan.