Tashkent, Uzbekistan (UzDaily.com) -- According to the Decree of the President of the Republic of Uzbekistan No. PP-4412 "On measures to reform and ensure the accelerated development of the insurance market of the Republic of Uzbekistan" from 2 August 2019 a new version of the Law "On insurance activities" in accordance with international standards and a draft law "On the types of mandatory insurance" are to be developed.

Thus, terms of reference between the Insurance Market Development Agency under the Ministry of Finance and the Asian Development Bank were defined to attract international experts to the development of draft laws, and discussions regarding the compliance of draft laws with international standards are held.

To ensure the fulfillment of the terms of reference, on August 26 this year, a regular video conference between the Insurance Market Development Agency and The International Securities Consultancy, which was attracted by the Asian Development Bank was organized.

During the videoconference, it was noted the need to prepare draft laws in accordance with the basic principles of insurance established by the International Association of Insurance Supervisions. It was emphasized that special attention should be paid to the licensing of insurance companies, the procedures for mergers and acquisitions of insurance companies, the terms of the contract when developing insurance contracts. International experts gave recommendations for improving the reinsurance service in our country.

According to the Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 202 "On the entry of the Ministry of Finance of the Republic of Uzbekistan into the International Association of Insurance Supervisors" dated September 8, 2008, the Ministry of Finance of the Republic of Uzbekistan is a member of the International Association of Supervisory Bodies.