The Cabinet of Ministers of Uzbekistan adopted the resolution “On measures on realization of the law of Uzbekistan “On mandatory insurance of civil liabilities of transporters”.

According to the document, insurance sum on mandatory insurance of civil liabilities of transporters (MICLT) can be set at the level of US$11,000.

At the same time, insurance sum for covering damages to life and health of passengers will make US$10,000 and property of passenger – US$1,000.

The resolution said that the Ministry of Finance of Uzbekistan in cooperation with insurance companies should adopt measures to ensure that insurance companies, engaged in MICLT, comply with license requirements till 26 November 2015.

According to the document, the Ministry should strip the license of the insurance companies, which did not eliminate shortages, from 27 November 2015.

President of Uzbekistan Islam Karimov signed a law “On mandatory insurance of civil liabilities of transporters” on 26 May 2015.

Legislative Chamber of the Oliy Majlis of Uzbekistan passed the law on 26 March 2015 and Senate approved it on 15 May 2015. The law will come to into force on 26 November 2015.

The document is directed at regulating relations in mandatory insurance of civil liabilities of transporters. The law is aimed at ensuring compensation to damages, caused to health, life and property of passengers at transportation by all types of transports via insuring liabilities of transporters.

In line with the law, the transporters should insure their civil liabilities for damage, caused to life, health and property of passengers. The insurance policy should be obtained before the start of transportation.

The law said that insurance companies should obtain license to provide services on insurance of civil liabilities of the transporters. It added that the insurance companies should have branches in all regions of Uzbekistan, Tashkent city and Karakalpakstan, so they can sign agreements and consider claims of the transporters or passengers.

The document envisages that Uzbekistan will create insurance pool, which will provide services on insurance of civil liabilities of transporters.