Tashkent, Uzbekistan (UzDaily.com) -- A new regulation on the application of penalties to insurers was approved in Uzbekistan. This was reported by the National Agency for Prospective Projects of Uzbekistan.

According to NAPP, the new regulation differs from the current one in that it defines the grounds, procedure and timing of the application of penalties to insurers, as well as the procedure for appealing such decisions.

To protect the interests of policyholders and timely payment of insurance compensation, the following penalties are provided, taking into account the minimum amount of authorized capital (MRUCS) of the insurer:

- Failure to consider applications (insurance claims) within the time limits established by law for types of compulsory insurance: a fine in the amount of 0.005% of the MRUCS for each case, that is, 1,750,000 soums, for all identified cases in the amount of no more than 0.1% of the MRUCS, that is, 35,000,000 soums.

- Failure to pay insurance compensation within the time limits established by law for types of compulsory insurance: a fine in the amount of 0.01% of the MRUCS for each case, that is, 3,500,000 soums, for all identified cases in the amount of no more than 0.1% of the MRUCS, then there are 35,000,000 soums.

- Appointment to the position of managers and chief accountants of insurers and their separate divisions without agreement with the authorized body: a fine in the amount of 0.09% of the MRUCS for each case, that is, 31,500,000 soums, for all identified cases in the amount of no more than 0.1 % of MRUCS, that is, 35,000,000 soums.

- Failure to comply with mandatory instructions of an authorized government body, including failure to comply on time: a fine in the amount of 0.09% of the MRUCS for each case, that is, 31,500,000 soums, for all identified cases in the amount of no more than 0.1% of the MRUCS, that is, 35,000,000 soums.

- Failure to comply with the requirement for the availability of funds in the account (currency) and other bank accounts of the insurer in the amount of at least 3% of the amount of insurance compensation accrued over the last twelve months: a fine of 0.1% of the MRUCS, depending on the authorized capital of the insurer from 20 million soums to 45 million soums.

The order comes into force three months from the date of its official publication.