Tashkent, Uzbekistan (UzDaily.com) — At a plenary session of the Legislative Chamber of the Oliy Majlis, deputies conceptually reviewed and approved in the first reading a draft law aimed at further developing the insurance services market.

The bill is designed to create favorable conditions for professional market participants, promote the growth of the insurance sector, and ensure effective resolution of disputes arising from insurance relations.

The draft law provides for the introduction of notification procedures in the activities of insurance market participants, the development of a new regulatory mechanism for insurance agents, and the establishment of a procedure for voluntary license revocation of an insurer by the authorized state body.

Special attention is given to improving qualification requirements for executives of insurance companies and brokers, as well as advancing digitalization in the sector.

Deputies welcomed the inclusion of provisions regulating compulsory motor vehicle insurance and the procedure for paying compensation by the insurer of the liable party through mutual agreement in the event of a traffic accident.

In addition, the bill introduces a list of information that insurers must provide to consumers to enhance the protection of client rights.

Participants of the session noted that the proposed amendments and additions will strengthen consumer rights and contribute to the development of Uzbekistan’s insurance market.

After discussions, the draft law was unanimously passed in the first reading.