Tashkent, Uzbekistan (UzDaily.com) —  A two-day training session titled "Introduction to the Solvency II Directive" for insurance sector specialists has commenced in Tashkent.

The event is organized by the National Agency for Prospective Projects of the Republic of Uzbekistan in collaboration with the UN Development Programme (UNDP) in Uzbekistan and the Association of Professional Insurance Market Participants.

The primary objective of the training is to strengthen the institutional system, processes, and governance based on an understanding of the Solvency II Directive among participants in Uzbekistan’s insurance market, both at the government level and within insurance companies. The training aims to enhance the insurance industry’s capacity to comprehend and further develop compliance with this directive.

Professor Karel Van Hulle, a seasoned expert in EU insurance market regulation and one of the developers of solvency requirements for insurers in the European Union, is conducting the training. The program covers essential aspects of regulation and supervision of insurers, self-risk assessment, solvency issues, capital requirements, and other key topics.

More than 40 representatives from insurance organizations, the Agency, the Association of Professional Insurance Market Participants, and the private sector are attending the training.

This training is supported as part of the UNDP’s global project "Insurance Risk Financing Facility (IRFF) in Uzbekistan," which is funded by the German government.

The main goal of the project is to assist participating countries in developing their insurance markets, including integrating insurance policies into economic development programs, promoting inclusive insurance, financing sovereign risks and natural disaster risks, and attracting additional investments into the insurance sector.