Uzbekistan has officially approved new requirements for the activities of insurance agents, limiting their commission fees to 25% of the insurance premium received by the company. The corresponding regulation has been registered with the Ministry of Justice.

According to the document, both individuals and legal entities can act as agents, operating on behalf of and under the instructions of the insurer based on a contract.

The new procedure requires insurance companies to register concluded agency agreements in the Unified Automated Information System within one day. Each intermediary is then assigned an individual ID number. To ensure market transparency, insurers must monitor their agents' activities at least once every six months.

The National Agency for Prospective Projects (NAPP) will maintain a register of unscrupulous insurance agents, which will be publicly available on the agency's official website.

An important innovation also concerns the lending sector: when concluding an insurance contract related to obtaining a bank loan, the borrower has the right to voluntarily and independently choose the insurance company.

Source: podrobno.uz