Licenses of some insurance companies have been suspended

Tashkent, Uzbekistan (UzDaily.com) -- The licenses of Agros Hayot Insurance and Farovon Sug'urtawere suspended for a period of ten days from 23 May 2022. This was reported by the press service of the Agency for the Development of the Insurance Market under the Ministry of Finance. 

The licenses were suspended in accordance with Article 32 of the Law of the Republic of Uzbekistan "On Licensing, Permitting and Notification Procedures" in connection with identified violations of licensing requirements and conditions of the license.

During this period, it is prohibited to conclude new insurance (reinsurance) contracts, including the extension of existing insurance (reinsurance) contracts. And under previously concluded insurance contracts, the insurer is obliged to fulfill the obligations assumed in the prescribed manner. 

Documents justifying the elimination by insurance companies of violations of legal requirements in their activities must be submitted to the Agency for the Development of the Insurance Market under the Ministry of Finance of the Republic of Uzbekistan within this period. 

Otherwise, in relation to these insurance companies, measures will be taken to suspend the validity of their licenses to carry out insurance activities for a period of more than ten days, but not more than six months, in the manner prescribed by law.

In addition, in connection with the violation of the requirements of Articles 35 and 36 of the Law of the Republic of Uzbekistan "On Insurance Activities", orders were made to several insurance companies to eliminate the identified violations. Otherwise, their licenses will be suspended.