Licenses of some companies providing insurance services have been suspended

Tashkent, Uzbekistan (UzDaily.com) – Agency for the Development of the Insurance Market under the Ministry of Finance suspended licenses of several insurance companies for violations.

The body said that the licenses of ISHONCH SUG’URTA, KAFOLAT and XALQ SUG’URTA suspended for ten days from 3 June 2022.

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.