IMF Recommends Uzbekistan Improve Insurance Legislation
Published
In many cases, insurers are subject to general corporate rules
Uzbekistan’s regulatory framework for insurance companies needs improvement, according to a new IMF report on the country’s financial sector.
The Fund noted that specific insurance regulations are often lacking, and in many cases, insurers are governed by general joint-stock company (JSC) rules instead.
The IMF suggested that introducing insurance-specific standards — particularly regarding corporate governance and consumer protection — would help strengthen Uzbekistan’s insurance market.
The Fund also recommended aligning the country’s deposit insurance system with the principles of the International Association of Deposit Insurers (IADI).
Kursiv Uzbekistan also reports that the IMF also recommended Uzbekistan resume bank privatization.
