Tashkent, Uzbekistan (UzDaily.com) -- On 20 October held a teleconference on the preliminary discussion of the draft law between the group of representatives of the Cabinet of Ministers of the Republic of Uzbekistan and Legislative chamber of the Oliy Majlis of the Republic of Uzbekistan, participating in the consideration of the chambers of the Oliy Majlis of the Republic Uzbekistan the draft law of the Republic of Uzbekistan “About modification and additions in the Law of the Republic of Uzbekistan on insurance activity”.

The draft law was developed in accordance with paragraph 1 of the roadmap for the accelerated development of the insurance market of the Republic of Uzbekistan in 2019-2020, approved by the decree of the President of the Republic of Uzbekistan dated August 2, 2019 No. 4412 “on measures to reform the insurance market of the Republic of Uzbekistan and ensure its accelerated development".

During the videoconference, Director Of the Agency for insurance market development under the Ministry of Finance of the Republic of Uzbekistan K. Talipov noted that the current law “on insurance activities” was adopted in 2002, the law consists of 26 articles, while the current law does not fully meet modern requirements in regulating the insurance market of the Republic.for this purpose, the new version of the draft law was developed in accordance with the experience of foreign countries, suggestions of professional participants in the insurance market. 

The deputies of the legislative chamber of the Oliy Majlis also expressed their views on further increasing the positive impact of the above-mentioned draft law on the development of the insurance market of the Republic, providing freedom of activity for professional participants in the insurance market, and softening the principles of control. In conclusion, an agreement was reached on the process of consideration of the bill in the chambers of the Oliy Majlis.