Tashkent, Uzbekistan (UzDaily.com) -- On 1 March 2024, the President of the Republic of Uzbekistan signed a resolution “On comprehensive measures for the further development of the insurance services market.”

The resolution introduces a number of innovations in the following areas:

Facilitating access of the population and business entities to insurance services, as well as ensuring transparency of the activities of insurance organizations by introducing new digital technologies into the field, which implies the following:

– mandatory transition to electronic registration of insurance (reinsurance) contracts and registration of insurance policies in a unified information system;

– simplification of the procedure for concluding contracts by integrating databases of ministries and departments for technical support for the timely conclusion of contracts for compulsory types of insurance in electronic form;

– simplification, automation and gradual transition to the generation of insurers’ reports in the unified information system of the National Agency for Prospective Projects (hereinafter referred to as the Agency);

– online monitoring of the activities of professional participants in the insurance market in a unified information system without interfering in their activities.

Strengthening the protection of the rights and interests of consumers of services, increasing the financial literacy of the population, popularizing and introducing new types of insurance through:

– implementation of a rating system for the activities of insurance organizations based on the quality of services provided;

– organizing thematic programs and broadcasts aimed at improving the culture of insurance and public confidence in insurance services;

– introduction of compulsory insurance of real estate against man-made and natural disasters, popularization of insurance products “takafful” and “yashil sugurta”;

– gradual expansion of the required types of insurance, as well as increasing the coverage and further development of voluntary health insurance;

Suppression of factors negatively affecting healthy competition and solvency:

– improving the procedure for providing electronic insurance services;

– gradual implementation of international standards for calculating insurance reserves and determining the solvency of insurers;

– improving the procedure for licensing insurance activities, including establishing a licensing requirement for the mandatory availability of information systems;

– a gradual increase in the minimum amounts of differentiated authorized capital of insurance companies for the next 5 years, starting from October 2025;

– establishment of minimum insurance tariffs of a recommendatory nature under voluntary insurance contracts;

– revision of insurance rates for compulsory civil liability insurance of vehicle owners;

Training of new generation personnel in the field of:

– revision of state standards of higher education and educational programs based on advanced foreign experience, to reduce the period of study in the field of undergraduate insurance from four to three years;

– ensuring regular advanced training in insurance matters for employees of the highest management bodies of insurance organizations.

The adoption of these measures is aimed at further development of the insurance market, increasing the popularity and quality of insurance services through the widespread introduction of modern information technologies into the industry, as well as further improving regulation of the industry.