Uzbekistan has updated its legislation regulating insurance activities and e-commerce. The new document expands the powers of supervisory authorities, strengthens consumer protection for insurance services, and introduces additional requirements for participants in the online trading market.

The amendments affect not only the insurance market. Changes have been made to several regulatory acts, including the Civil Code, the laws “On the State Tax Service”, “On Compulsory Insurance of Civil Liability of Vehicle Owners”, and other documents. This will eliminate discrepancies and ensure uniform application of the rules of the law “On Insurance Activities”.

For e-commerce, mandatory notification of the authorized body about the start or termination of operators’ activities is introduced. Liability is provided for non-compliance.

The state body responsible for the insurance market has received additional functions and will monitor the protection of clients’ rights, both citizens and businesses. The law also regulates the activities of other professional participants in the insurance market.

Earlier, Uzbekistan officially approved new requirements for the activities of insurance agents, limiting their commission to 25% of the insurance premium amount received by the company.

Source: podrobno.uz