Uzbekistan prepares draft law on CTPL insurance

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Finance 11/06/2007 Uzbekistan prepares draft law on CTPL insurance

A draft law on compulsory third-party liability (CTPL) insurance has been prepared in the Republic of Uzbekistan. The draft may be passed this autumn, Olim Ikramov, head of the State Service for Insurance Supervision within the Ministry of Finance of Uzbekistan, said.

Third-party liability insurance has been compulsory in Uzbekistan since 1994. A Resolution of the Cabinet of Ministers of Uzbekistan dated 30 December 1994 regulates relations in this segment.

The State Service for Insurance Supervision worked together with Uzbek insurers to develop the draft, which deals with the main issues required for successful operation of the MTPL market and compliance with international regulations in this segment.

The draft has been reviewed by various ministries and institutions, in particular by the Ministry of Internal Affairs of Uzbekistan, the Uzbek Association of Transport and Transportation Services, and the Ministry of Justice of Uzbekistan. The draft still has to be considered by the Cabinet of Ministers, which will pass it over to the Oliy Majlis, the country’s parliament. The draft is likely to be examined in the autumn session of the Oliy Majlis this September, the State Service for Insurance Supervision said.

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