Tashkent, Uzbekistan (UzDaily.com) — The National Agency for Project Management (NAPM) of the Republic of Uzbekistan has imposed penalties and suspended the license of OMAD SUG’URTA JSC.

NAPM reported that violations of the established legal norms were discovered during a review of the company’s financial reports. As a result, the insurance organization has been fined 76.5 million soums.

In addition, starting from 17 September 2024, the license issued on 22 July 2022, under number 033072, has been suspended for a period of 10 days.

During the license suspension, OMAD SUG’URTA JSC is prohibited from entering into new insurance (and reinsurance) contracts as well as renewing existing ones.

However, OMAD SUG’URTA JSC is required to fully meet its obligations under previously concluded insurance (and reinsurance) contracts.

The agency also warns consumers of insurance services to refrain from entering into insurance contracts until the identified violations, which led to the suspension of the license, are resolved.