Insurance laws Uzbekistan
Uzbekistan's insurance sector is governed by a comprehensive legal and regulatory framework aimed at ensuring market stability, consumer protection, and alignment with international standards.
Key Legislation
Civil Code of the Republic of Uzbekistan This foundational legal document outlines the principles of civil law, including provisions related to insurance contract.
Labor Code of the Republic of Uzbekistan Establishes employer obligations, including the requirement for employer liability insurance to cover damages to employees arising from work-related incident.
Specific Insurance Laws: Law No. ZRU-155 (2008): Governs compulsory insurance of civil liability for vehicle owner. Law No. ZRU-210 (2009): Addresses compulsory insurance of civil liability for employer. Law No. ZRU-386 (2015): Pertains to compulsory insurance of civil liability for carrier .Law No. ZRU-57 (2006): Relates to industrial safety of hazardous production facilities, including mandatory liability insurance in case of accident. Law No. ZRU-195 (2008): Covers compulsory insurance in the storage agreemen. Law No. ZRU-58 (2006): Addresses mortgage-related insurance requirement. Law No. ZRU-549 (2019): Pertains to tourism-related insurance obligation. These laws collectively establish the legal framework for both voluntary and compulsory insurance in Uzbekista.
🏛️ Regulatory Authorities
**Central Bank of the Republic of Uzbekistan (CBU)*: Oversees the insurance market, ensuring compliance with regulations and maintaining financial stabiliy.
**National Agency for Prospective Projects (NAPP)*: Responsible for implementing digital initiatives in the insurance sector, including the launch of the Unified Information System for electronic registration and issuance of compulsory insurance contracs.
📋 Compulsory Insurance Typs
Uzbekistan mandates several types of compulsory insurace:
*Employer Liability Insurance: Employers must insure against damages to employees resulting from work-related incidets.
*Carrier Liability Insurance: Carriers are required to insure their civil liability for harm caused to passengers or their propety.
*Vehicle Owner Liability Insurance: Vehicle owners must insure their liability for damages caused to third partes.
*Construction Risk Insurance: Contractors must insure risks associated with the construction of state-funded facilites.
*Hazardous Production Facility Liability Insurance: Operators of hazardous facilities must insure against liabilities arising from accidets.
*Compulsory Personal Insurance: Certain categories of employees, such as those in hazardous occupations, are subject to mandatory personal insurace.
*Compulsory Health Insurance: A system gradually introduced to ensure citizens' access to medical cre.
💻 Digital Transformaton
In August 2024, Uzbekistan launched the electronic registration and issuance of compulsory insurance contracts through the Unified Information System (e-osgou). This initiative aims to streamline the insurance process and enhance transparny. From September 2024, all insurance contracts are required to be registered and policies issued electronically through this sytem.
📊 Market Refrms
A presidential resolution dated March 1, 2024, outlines comprehensive measures to develop the insurance services mret. These reforms inlude:
Digitalization of insurance contracts and polcies.
Simplification of contract proceures.
Introduction of a rating system for insurance organizaions.
Expansion of insurance coverage to include man-made and natural disaters.
Promotion of voluntary health insuance.
Enhancement of electronic insurance serices.
Improvement of insurance licensing proceures.
Increase in the minimum authorized capital of insurance compnies.
Training of insurance personnel and managment.
Uzbekistan's insurance legislation emphasizes consumer rights though:
Transparency in policy terms and condiions.
Clear disclosure of coverage limits and excluions.
Establishment of grievance redressal mechaisms.
Regulation of insurance intermediaries to ensure ethical pracices.
For those interested in entering the Uzbek insurance market, understanding these legal frameworks and regulatory bodies is crcal. Engaging with the Central Bank of Uzbekistan and the National Agency for Prospective Projects will provide guidance on compliance and operational procedures within the sctor.
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