NAPP Imposes 117 Million UZS Fine on Five Insurance Companies
Five insurance companies in Uzbekistan, including Uzbekinvest and Uzagrosugurta, have been hit with penalties for failing to comply with established standards, according to a report from the National Agency for Advanced Projects (NAPP).
The penalties, totaling 117.5 million soums, were imposed after NAPP found instances of non-compliance with financial standards in the insurance sector. Among the companies facing fines are Semurg Insurance, Uzagrosugurta, Uzbekinvest, Alskom, and Global Insurance Group.
NAPP took over the regulation of the insurance market in September 2023 and has already revoked the licenses of several companies, including Unipolis, Farovon Sugurta, and Sharq Sugurta. Other companies, such as Asko-Vostok, have voluntarily surrendered their licenses. Additionally, the permits of some companies, like Agros Hayot, have been temporarily suspended.
Since taking over regulation responsibilities, NAPP has issued fines to a total of eight insurers, amounting to 252 million soums in the first month alone. This crackdown comes after NAPP’s First Deputy Head, Vyacheslav Pak, identified issues of “unhealthy competition” in the insurance market, pointing out disparities in compliance with regulations.
The insurance companies in Uzbekistan will need to ensure they meet the required standards to avoid further penalties and regulatory action from NAPP going forward.
