Legislative Chamber Adopts Law on Development of the Insurance Services Market

Tashkent, Uzbekistan (UzDaily.com) — At its latest plenary session, the Legislative Chamber of the Oliy Majlis considered a draft law aimed at the further development of the insurance services market.

The document introduces a notification-based procedure for professional participants in the insurance market. In addition, the draft law regulates a new mechanism for the work of insurance agents, the procedure for voluntary revocation of an insurer’s license, as well as the procedure for resolving disputes arising under mandatory insurance.

During the discussions, deputies noted that the text of the draft law had been refined taking their proposals into account. In particular, the provisions for compulsory vehicle insurance and the procedure for payment of insurance compensation by the insurer of the at-fault party in road traffic accidents were clarified based on mutual agreement.

Special attention is given to the digitalization of the sector: the introduction of electronic insurance policies allows for the elimination of paper certificates, attestations, and receipts.

It was emphasized that the amendments are intended to protect the rights and legitimate interests of insurance service consumers, as well as to foster the development of the insurance industry as a whole.

After detailed consideration, the draft law was adopted in its second reading.