Brief overview of Insurance Sector in Uzbekistan.
The insurance market in Uzbekistan is dynamically developing market with around 30 insurance companies acting on the market, 4 out of which are wholly state-owned. The insurance market in Uzbekistan is closely interlaced with the world’s largest insurance conglomerates and some local insurance companies are represented at the planet’s leading insurance market – Lloyd’s of London.
The insurance services range from long term life assurance to space and aviation insurance products. The government constantly makes the inroads for further development of the insurance market by providing to insurers and their clients certain types of tax benefits and other exemptions.
It has not been until beginning of 2000 when most laws and bylaws were passed and insurance market had begun its rocketing upgrowth. Presently the insurance market in Uzbekistan is generally regulated by the following normative acts:
- The Insurance activity Act 2002 (as amended);
- The Chapter 52 of the Uzbekistan Civil code;
- The Decree of the Uzbekistan Cabinet of Ministers “About measures for further development of insurance market” No.413, 27 Nov 2002 (as amended);
- The Decree of the President of Uzbekistan “About measures for further development of and reforming the insurance market” No.PP-618, 10 Apr 2007;
- The Provisions on forming and placing the insurance reserves by the insurers, 8 Feb 2006;
- The Regulations on solvency of insurers and reinsurers, 22 Apr, 2008.
Insurance practice provides a general overview of Insurance sector of Uzbekistan, including types of activities that subject to compulsory insurance, commercial and employer's liability insurance.