The Ministry of Finance of Uzbekistan developed a draft Concept for development of the financial market of the country for the medium and long terms. The draft concept was published on the portal for discussion of normative legal acts.

The document said that during 2018-2020, the requirement for minimum size of authorized capital of insurers will be gradually increased.

According to the document, from 1 July 2018 for insurance companies, operating in the general insurance industry, should have the minimum size of the authorized capital of insurers at the size equal to 2.5 million euros (now - 1.5 million euros) and from 1 July 2020 - 4 million euros.

The minimum size of authorized capital for insurers, specializing in life insurance, from 1 July 2018 should be 2.5 million euros (now - 2 million euros) and from 1 July 2020 - 4 million euros.

For insurance companies working in compulsory insurance, requirement for minimum size of authorized capital will be set at 4.5 million euros from 1 July 2018 (now - 3 million euros) and 6 million euros from 1 July 2020.

Companies, which are engaged in exclusively reinsurance sphere, should form a charter capital at the size of 6 million euros from 1 July 2018 (now 6 million euros) and 8 million euros from 1 July 2020.