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Non-admitted insurance

Insurance regulatory laws prohibit the Foreign Insurer to cover the risk of the Foreign Entity located in our country, as this would amount to the conduct of insurance business in Uzbekistan, even though the entire transaction takes place abroad.  As a matter of general practice and law-enforcement, all local risks shall always be covered by the Local Insurer except for insurance of political risks as explained below.


The Foreign Insurer\'s activities amount to the conduct of insurance business in Uzbekistan, even though the entire transaction takes place abroad if the Foreign Insurer covers a risk located in Uzbekistan passing by a Local Insurer.  In accordance with Article 27 of the Insurance Act only insurers licensed in accordance with the provisions of the insurance legislation may transact insurance business in U...

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