The only active insurance company in Uzbekistan specialized in life insurance, UzbekInvest Hayot has announced the increase of its authorized capital to the level of 1.5 billion soums.
The new size of the company’s authorized capital was registered at the Ministry of Justice on 7 November this year, UzReport.com reported.
This change in the capital of the company was a step towards meeting the requirements set for the insurance organizations in the Presidential Resolution "On measures to further reform and develop the market for insurance services" of 10 April 2007, which states that the size of the authorized capital of insurance organizations specialized in life insurance should constitute at least the sum equivalent to US$750,000.
The representatives of the company said the size of the authorized capital was one of the main indicators of any company’s financial stability and paying capacity, which in turn reflected the trust of the clients in it, and was an indicator of the level of capitalization and ability to take on larger insurance risks.
UzbekInvest Hayot Subsidiary Company was founded by the UzbekInvest National Export and Import Insurance Company in December 2003. Today, the company renders its services to the population both in the forms of long-term life insurance, insurance of borrower’s life, medical insurance, accident insurance, insurance against infections diseases, insurance of medical expenses, insurance of individuals traveling abroad, etc.