TASHKENT, Uzbekistan, April 3. Uzbekistan's National Agency of Perspective Projects cancelled the license of the Universal Sug'urta insurance company, Trend reports.
This decision was taken in accordance with Article 33 of the Law of Uzbekistan on licensing, permitting, and notification procedures and paragraph 49 of the decree of Uzbekistan's Cabinet of Ministers dated February 21, 2022 № 80 on approval of a unified regulation on the order of licensing certain types of activities through a special electronic system.
At the same time, the company must fulfill obligations under previously issued insurance and reinsurance contracts in accordance with the established procedure.
Meanwhile, the total authorized capital of insurance organizations in Uzbekistan amounted to more than 2.3 trillion soums ($186.4 million) in 2023, which is 22.6 percent more year-on-year.
As per data from Uzbekistan's National Agency of Perspective Projects, the volume of insurance companies' investments in the country's economy exceeded 6.2 trillion soums ($502.5 million). The growth amounted to 29.4 percent year-on-year.