NAPP fines five insurance companies 117 million UZS

The National Agency for Advanced Projects has imposed penalties on five insurance companies, the agency’s press service reported.

Based on the results of studying the financial indicators of insurance organizations, NAPP identified instances of non-compliance with the standards established by law and imposed fines totaling 117.5 million soums.

Among the violators are:

• Semurg Insurance — 45 million soums;
• Uzagrosugurta - 22.5 million soums;
• Uzbekinvest - 22.5 million soums;
• Alskom — 17.5 million soums;
• Global Insurance Group — 10 million soums.

The functions of the insurance market regulator were transferred to the NAPP in September 2023. The agency revoked the licenses of Unipolis, Farovon Sugurta, Sharq Sugurta, Euroasia Life Insurance, Universal Sug'urta, New Life Insurance.

Insurer Asko-Vostok has refused its license. In addition, the permits of several other companies have been temporarily suspended - the latest of which was Agros Hayot at its own request in early July.

In the first month after the transfer of regulation, eight insurers were fined 252 million soums. In January, Kapital Sug'urta was fined 162 million soums, and in April, Global Insurance faced sanctions.

First Deputy Head of NAPP Vyacheslav Pak noted in early February that “unhealthy competition has developed” in the insurance market. He pointed to the “clear advantage” of some companies over others and added that the issue is related to compliance with current requirements and regulations.