The volume of the insurance obligations of Uzbek insurance companies totaled more than 25.3 trillion soums as of 1 October 2007. This exceeds the results of the corresponding period of the previous year by 23.5%.
Preliminary estimations indicate that in the first three quarters of this year the number of the insurance contracts made by the insurance companies in Uzbekistan slightly exceeded 3 million (to compare 3.1 million contracts were made in the same period last year).
The insurance companies of Uzbekistan paid out some 5.7 billion soums in coverage in January-September this year. This is illustrated by the insurance market analysis for the first three quarters of the year carried out by SAIPRO Company.
During the period of 1-5 October, 2007 the delegation from Uzbekistan consisting of the representatives of the President’s office, General Prosecutor’s office, Ministry of Finance, State Tax Committee, Central Bank and UNDP, has undertaken a study-tour to France in order to learn French experience in combating money laundering.
UNDP is implementing a number of various projects in which use of Information and Communication Technologies and innovative approaches is considered to be an important prerequisite for country’s development. “Improving Tax Administration in Uzbekistan” is one of such projects. It is focused on introduction of the modern information technologies into the work of tax departments. In order to increase considerably the effectiveness and output of tax information collection and processing, it is important to equip tax bodies with up-to-date ICT.
On 2 October the senior management of UzbekInvest Hayot (life insurance) Subsidiary Company met with the Account Executive of the Munich Re Life Reinsurance Eastern Europe/Central Asia (Munich Re Life E.E.C.A.) Pavel Krasnov.
Central Bank of Uzbekistan replaced the license of Bank Credit-Standard in connection with reorganization of Bank Credit-Standard from private joint stock commercial bank to open joint commercial bank.
Central Bank of Uzbekistan issued licenses to two companies in Tashkent to carry out activities of pawnshops.