TASHKENT, Uzbekistan, October 30. The National Agency for Advanced Projects of Uzbekistan (NAPP) has cancelled the license of several insurance companies over the last month, Trend reports.
One of the companies having its license revoked is Uzbekistan’s Farovon Sug'urta insurance company, which lost its license on October 30, 2023. This decision was made by the agency on October 27, following a thorough evaluation of the company's operations.
Under its license, Farovon Sug'urta was authorized to engage in various insurance activities, specifically in the realms of life insurance of I, II, III, and IV classes, as well as general insurance of I and II classes. These activities were carried out on a voluntary basis, allowing the company to provide a wide range of insurance services to its clients.
Despite the cancellation of its license, Farovon Sug'urta remains obligated to fulfill its commitments under previously established insurance and reinsurance contracts. Farovon was providing services in the field of life insurance, insurance against infectious diseases, medical insurance, as well as insurance for persons traveling abroad.
Some other companies include Unipolis Insurance, which got its license revoked on October 13, 2023.
Moreover, the agency fined 8 credit institutions for violating prudential regulations on October 14 of 2023.
Additionally, on October 23, NAPP suspended the license of the Sharq-Sug'urta insurance organization, which was also fined 22.5 million soums ($1,842).
Uzbekistan has around 40 companies, licensed to carry out insurance activities.
