The draft law is intended to create favorable conditions for professional participants on the insurance market, promote development of the insurance sector and ensure effective resolution of disputes arising from insurance relations.
The document provides for application of notification procedures in the activities of insurance market participants, development of a new mechanism for regulating the activities of insurance agents, as well as establishment of a procedure for voluntary revocation of an insurer's license by an authorized state body.
Particular attention is paid to improving qualification requirements for officials of insurers and insurance brokers, as well as digitalization of the industry.
Deputies positively assessed inclusion of rules governing compulsory insurance of vehicle operation and payment of insurance compensation from an insurer of the guilty party by agreement of the parties in the event of an accident.
In addition, the draft introduced a list of information that insurers are obliged to provide to consumers to enhance consumer protection.
The deputies noted that the proposed amendments will help strengthen consumer protection and develop the insurance market of Uzbekistan.
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