Reform of the insurance market of Uzbekistan: a draft decree of the President on expanding insurance protection of the population and business has been published.
On the portal for discussing draft regulatory legal actsregulation.adliya.uzA draft decree of the President of the Republic of Uzbekistan "On additional comprehensive measures to expand insurance protection of the population and business entities, as well as strengthen the stability of the insurance market" has been published. The document was developed by the National Agency for Advanced Projects and submitted for public discussion until August 5, 2026.
The draft defines the strategy for the development of the insurance market until 2030 and contains a number of fundamentally new mechanisms. Here are the key provisions of the document.
Targets until 2030
The project provides for an increase in the share of insurance services in GDP from 0.7% to 1%, an increase in insurance premiums per capita from 350 thousand to 640 thousand soums, as well as a threefold increase in the volume of insurers' investments in the economy - up to 29 trillion soums. The minimum authorized capital of insurers is planned to be increased by 3 times for the life insurance sector and by 4 times for general insurance and reinsurance, which will strengthen the financial stability and capitalization of the market.
A new institution of "imputed insurance"
By June 1, 2027, it is planned to introduce the concept of "imputed insurance" into the legislation - the obligation of certain categories of entities whose activities are associated with increased risks to insure their civil liability to third parties. According to the "road map" of the project, imputed insurance will be gradually introduced in 2027-2030 for mass gathering facilities (markets, shopping and shopping and entertainment complexes), athletes, organizations for the installation of gas equipment on vehicles, travel agents and tour operators, hotels, courier service and e-commerce operators, commercial banks and payment systems, private pharmacies, as well as private medical and sanatorium-resort institutions.
Compulsory Real Estate Insurance against Natural Disasters
Based on the experience of the Turkish DASK system, the project provides for the introduction of compulsory insurance of real estate of individuals and legal entities against natural disasters. For this, a special Compulsory Real Estate Insurance Fund will be created, managed by a technical operator selected on a competitive basis. For citizens included in the register of social protection, insurance premiums are supposed to be covered by the state budget. The corresponding bill is planned to be submitted to the Cabinet of Ministers by January 1, 2027.
Life Insurance Incentives
The project introduces a "cashback" mechanism: insurance premiums paid for long-term life insurance will be returned to taxpayers from the amount of personal income tax - after thirteen months from the date of payment of each contribution.
Automated control of compulsory insurance
From January 1, 2027, through information systems ("my.soliq.uz", the Unified National Labor System) will automatically detect the absence of compulsory civil liability insurance policies for employers and carriers. If the policy is not issued within three days after notification, it is provided for administrative liability in a simplified (automated) manner without drawing up a protocol, as well as restricting access to a personal account. At the same time, such procedures will not be considered an audit of the activities of business entities.
Restrictions on insurance of loans and microloans
From October 1, 2026, business risk insurance will be carried out only in relation to the unsecured part of the loan - no more than 50% of the total amount. When issuing microloans to individuals, only V-class policies (life insurance to secure obligations) from insurers licensed for life insurance will be accepted as collateral. This norm strengthens recent requirements for transparent disclosure of insurance terms for online microloans.
Strengthening the reliability of insurers
Among other measures, the project provides for a phased transition to Solvency II solvency standards until 2030, the introduction of the institution of a designated actuary in the staff of each insurer, the introduction of escrow accounts for accounting for insurance premiums, the limitation of insurance agents' commission for compulsory types of insurance to 5%, the mandatory transfer of at least 10% of each reinsurance contract to national reinsurance organizations, as well as the digitalization of the industry - from electronic document management to the use of artificial intelligence to analyze contracts and combat fraud.
What this means for customers
The reform is aimed at increasing confidence in the insurance market, expanding guarantees for consumers and strengthening the financial stability of insurers. For businesses – especially for hotels, tour operators, shopping malls, banks, pharmacies and medical institutions – the emergence of imputed insurance means the need to assess their risks in advance and plan insurance protection.
Alfa Invest closely follows the development of the regulatory environment and is ready to advise clients on liability, property and life insurance in accordance with current legislation.
The material was prepared on the basis of a draft decree posted for public discussion on the portalregulation.adliya.uz(Project ID: 9945). The document is a draft: its provisions are subject to change based on the results of discussion and have no legal force until official adoption and publication. You can read the full text and leave your proposals until August 5, 2026.