The roundtable has been arranged by the Labor and Social Affairs Committee of the Legislative Chamber of Oliy Majlis and Ministry of Finance in partnership with the joint Public Finance Reform in Uzbekistan Project of the United Nations Development Programme, Ministry of Finance and State Tax Committee of Uzbekistan.
Legislation for regulating insurance market is up and running in Uzbekistan along with across-the-board efforts to improve the legal framework and create a whole system of laws regulating various aspects of insurance business.
The key aspect of this sector has been the ratio of voluntary and mandatory insurance in the insurance market of Uzbekistan. The practices of transition countries indicate that substantial percentage of mandatory is essential in the period of emerging market relations in order to guarantee social and economic interests of citizens, private sector, and government.
In order to promote full-fledged protection of employee interests in Uzbekistan, the mechanism of transferring employer’s liability before the employees to the insurance companies should be used. Introduction of mandatory insurance of civil liability of employers in Uzbekistan minimizes the possibility of infringement of the employee rights after the loss of the ability to work at his/her workplace.
In the course of roundtable the participants were introduced to the provisions of the draft Law on Mandatory Insurance of Employer’s Civil Liability, and the questions, which arose in the deliberations of the draft law were discussed along with identification of the implications of the law both for employers and employees and discussion of the social aspects of the introduction of this Law, and presentation of the current state and prospects of development of mandatory insurance in Uzbekistan.
As I. Nasriev, the chairman of the Labor and Social Affairs Committee of the Legislative Chamber of Oliy Majlis noted, "… insurance system should operate as the means of guaranteed protection of property interests of both businesses and individuals – citizens and social protection of various population groups".
Officials of the Legislative Chamber of Oliy Majlis of Uzbekistan, Ministry of Finance, Ministry of Justice, Extra-Budgetary Pension Fund under the Ministry of Finance, Ministry of Labor and Public Welfare as well as representatives of insurance companies and international organizations participated at the roundtable.
In the course of active discussions, the recommendations to make changes and amendments in the draft Law on Mandatory Insurance of Employer’s Liability were offered and agreed position for future efforts in this direction were developed.