License of "Ark Sug'urta" revoked in Uzbekistan
Tashkent, Uzbekistan, June 9
By Demir Azizov- Trend:
The Ministry of Finance of Uzbekistan Court revoked the license of the "Ark Sug'urta" insurance company in connection with the Tashkent city economic court, according to the ministry's report.
"In accordance with the decision of the Commercial Court of the Tashkent city, from May 2, 2014, the license issued to the "Ark Sug'urta" LLC on January 21, 2013 has been ceased," the statement said.
The report does not specify the reason of the company's license revocation.
"Ark Sug'urta" insurance company was established in the form of limited liability company (LLC)in Uzbekistan on October 27, 2004. The company worked in the general insurance market, covering approximately three percent of the country's insurance market.
In March 2014, the Uzbek Finance Ministry suspended the license of the company for 10 days.
As previously reported, as of April 1, 2014, some 31 insurance companies with total registered capital of $ 294.561 billion soums were working in Uzbekistan.
In 2013, the Uzbek insurance companies increased the collection of premiums by 32.1 percent compared with 2012 - up to 338.483 billion soums.
The aggregate payments of insurers of the country amounted to 66.92 billion soums (a growth of 53.4 percent) last year.
The official exchange rate on June 9 is 2300.57 soums/$ 1.
Edited by S.I.