The law was approved at the Eighth session of the Senate of Oliy Majlis of Uzbekistan, which kicked off in Tashkent on 23 March 2012.

The document was developed in order to execute the resolution of the President “On priority directions of further reforming and increasing sustainability of financial-banking system of Uzbekistan in 2011-2015 and achievement of high international rating figures” from 26 November 2010.

Senators underlined that the law is directed at further improving legislation on insurance activity, including regulation and carrying our professional activity in insurance market, taking into account international insurance practices.

Amendments envisage to provide additional opportunities and preferences to professional insurance market participants, create additional conditions for their activities.

Changes and amendments to the law will increase responsibility of the insurance companies along with providing them guarantees for interest of professional participants of insurance market.

New amendments will also serve for reliable protection of rights and interests of insurers, clients and insurance beneficiaries. The law also will help to develop insurance market.