Uzbekistan Insurance Industry – Governance, Risk and Compliance
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The Uzbekistan insurance market report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Uzbekistan insurance industry?
The Ministry of Finance (MoF) assumed the task of insurance supervision through the enactment of the Resolution of Cabinet of the President on Approval of the Ministry of Finance of Uzbekistan. The MoF functions in accordance with the guidelines stipulated in the Law on Insurance Business 2002, and it is instrumental in ensuring the stability and efficient functioning of insurers and reinsurers. The key law that governs the insurance industry in the country is the Law on Insurance Business 2002.
What are the key types of licenses issued in the Uzbekistan insurance industry?
The different types of insurance licenses issued in the Uzbekistan insurance industry are life insurance license, non-life insurance license, and intermediaries.
Life insurance license
Insurers with a life insurance license can underwrite market insurance contracts related to risks such as life, annuities and health and disability.
Non-life insurance license
Non-life insurers underwrite market contracts related to fire, marine, surety, disability, liability, workers’ compensation, common carrier liability, boiler and machinery, burglary, credit, automobile, aircraft, mortgage guaranty, insolvency, legal insurance and miscellaneous.
Intermediaries
Article 5 permits brokers, agents, risk adjusters, insurance surveyors, and reinsurance brokers to operate in the Uzbek insurance industry.
Which other key bodies oversee the Uzbekistan insurance industry?
The key body overseeing the Uzbekistan insurance industry market is the International Association of Insurance Supervisors (IAIS). The IAIS, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants and international financial institutions. The primary objectives of the IAIS are to promote an effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe and stable insurance industries for the benefit and protection of policy holders.
Uzbekistan insurance industry, by key bodies
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Market report scope
Key license types | Life Insurance License, Non-Life Insurance License, and Intermediaries |
Key bodies | International Association of Insurance Supervisors (IAIS) |
This report provides detailed analysis of:
- The insurance regulatory framework in Uzbekistan.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the state’s insurance regulatory framework.
- Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
- Taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the state.
- Gain insights into the insurance regulatory framework in Uzbekistan.
- Track the latest regulatory changes and expected changes impacting the Uzbek insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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What are the key types of licenses issued in the Uzbekistan insurance industry?
The different types of insurance licenses issued in the Uzbekistan insurance industry are life insurance license, non-life insurance license, and intermediaries.
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Which other key bodies oversee the Uzbekistan insurance industry?
The key body overseeing the Uzbekistan insurance industry market is the International Association of Insurance Supervisors (IAIS).
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