UZBEKISTAN: senators approved the law "On insurance activities"

31 August 2021 — Marina MAGNAVAL
At the meeting of the Oliy Majlis (Supreme Assembly of Uzbekistan), the senators approved the law "On insurance activities", which provides for "revitalization" of the insurers' activities, as well as development and expansion of the infrastructure of the insurance market, informed.

The law is aimed at regulating insurance activities, introducing advanced international experience in the local insurance market, protecting rights and legitimate interests of consumers in insurance, as well as improving insurance culture of the population along with increasing and ensuring sustainability of insurance types, strengthening public confidence in insurance, ensuring openness and transparency of the insurance market.

The document defines the rights and obligations of professional participants in the insurance market (insurance organizations, insurance brokers, adjusters, assistants, actuaries, surveyors) and establishes the procedure of concluding insurance contracts in electronic form via the Internet.

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