Governance, Risk and Compliance - The Uzbek Insurance Industry

Governance, Risk and Compliance - The Uzbek Insurance Industry

Governance, Risk and Compliance - The Uzbek Insurance Industry

Summary

GlobalData’s Governance, Risk and Compliance - The Uzbek Insurance Industry, report is the result of extensive research into the insurance regulatory framework in the Uzbekistan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Uzbekistan, including -

  • An overview of the insurance regulatory framework in the Uzbekistan.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Uzbekistan.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Key Highlights
  • The State Inspectorate for Insurance Supervision under the Ministry of Finance regulates the Uzbek insurance industry.
  • Composite insurance is not permitted in the Uzbek insurance industry.
  • FDI is not permitted in the Uzbek insurance industry.
  • Non-admitted insurance is prohibited in Uzbekistan.
  • Key classes of compulsory insurance include motor third-party liability insurance, professional indemnity cover for auditors, notaries, and customs officers’ liability and employer’s liability insurance.
  • Scope
    • The report covers details of the insurance regulatory framework in the Uzbekistan.
    • The report contains details of the rules and regulations governing insurance products and insurance entities.
    • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
    • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
    • The report provides details of taxation imposed on insurance products and insurance companies.
    Reasons to buy
    • Gain insights into the insurance regulatory framework in the Uzbekistan.
    • Track the latest regulatory changes, and expected changes impacting the Uzbek insurance industry.
    • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
    • Understand key regulations and market practices pertaining to various types of insurance product.


    1 INTRODUCTION
    1.1 What is this Report About?
    1.2 Definitions
    2 GOVERNANCE, RISK AND COMPLIANCE
    2.1 Legislation Overview and Historical Evolution
    2.2 Latest Changes in Regulation
    2.3 Legislation and Market Practice by Type of Insurance
    2.3.1 Life Insurance
    2.3.2 Property Insurance
    2.3.3 Motor Insurance
    2.3.4 Liability insurance
    2.3.5 Marine, aviation and transit insurance
    2.3.6 Personal accident and health insurance
    2.4 Compulsory Insurance
    2.4.1 Motor third-party liability insurance
    2.4.2 Employers’ liability insurance
    2.4.3 Accident insurance to passengers for long-distance public transport
    2.4.4 Passenger liability insurance
    2.4.5 Commercial carriers’ civil liability insurance
    2.4.6 Life and health insurance for employees working in rescue services and rescue groups
    2.4.7 Life and accident insurance for workers of coal, oil, gas and geological exploration industry
    2.4.8 Environmental liability insurance
    2.5 Supervision and Control
    2.5.1 International Association of Insurance Supervisors
    2.5.2 Ministry of Finance
    2.6 Non-Admitted Insurance Regulations
    2.6.1 Overview
    2.6.2 Intermediaries
    2.6.3 Market practices
    2.6.4 Fines and Penalties
    2.7 Company Registration and Operations
    2.7.1 Type of insurance organization
    2.7.2 Establishing a local company
    2.7.3 Foreign ownership
    2.7.4 Types of license
    2.7.5 Capital requirements
    2.7.6 Solvency margin
    2.7.7 Reserve requirements
    2.7.8 Investment regulations
    2.7.9 Statutory return requirements
    2.7.10 Fee structure
    2.8 Taxation
    2.8.1 Insurance premium or policy taxation
    2.8.2 Withholding taxes on premium paid overseas
    2.8.3 Corporate tax
    2.8.4 VAT
    2.8.5 Captives
    2.9 Legal System
    2.9.1 Introduction
    2.9.2 Access to court
    2.9.3 Alternative dispute resolution (ADR)
    3 APPENDIX
    3.1 Methodology
    3.2 Contact GlobalData
    3.3 About GlobalData
    3.4 GlobalData’s Services
    3.5 Disclaimer
    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: Uzbekistan - Insurance Regulatory Framework Key Features
    Table 3: Uzbekistan - Life Insurance Regulatory Framework
    Table 4: Uzbekistan - Property Insurance Regulatory Framework
    Table 5: Uzbekistan - Motor Insurance Regulatory Framework
    Table 6: Uzbekistan - Liability Insurance Regulatory Framework
    Table 7: Uzbekistan - Insurance Tariffs on Compulsory Insurance of Civil Liability of the Carrier
    Table 8: Uzbekistan - Coefficient Rate for Determination of Successive Year’s Premium Rates of Civil Liability of the Carrier
    Table 9: Uzbekistan - Minimum Authorized Capital of Insurance Companies
    Table 10: Uzbekistan - Corporate Tax Rates for the Financial Year 2018
    List of Figures
    Figure 1: Uzbekistan - Insurance Supervision and Control at Various Levels
    Figure 2: Uzbekistan - Insurance Regulatory Frameworks for Company Registration and Operation

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