The President adopted a resolution “On additional measures to digitize the insurance market and develop the life insurance sector”.
According to the document, from July 1, 2022, it will be allowed to carry out all types (classes) of insurance in electronic form.
Also, from January 1, 2023, the practice of issuing insurance policies on paper forms for all types of compulsory insurance will be canceled. From January 1, 2022 to January 1, 2025, the tax rate on income tax calculated in relation to this activity of insurance organizations in the field of life insurance will be reduced by 50%.
Funds sent by the employer in the period from January 1, 2022 to January 1, 2024 to legal entities licensed to carry out insurance activities in Uzbekistan, on the basis of accident insurance and medical insurance contracts concluded for the types of insurance for their employees, are not considered as aggregate income of individuals.
The document says that by June 1, 2022, on the basis of a unified information system for compulsory civil liability insurance of vehicle owners, a unified automated information system for registering all insurance policies and monitoring their turnover will be introduced.
The execution of insurance contracts through the Unified Information System is mandatory for insurance organizations.
In addition, inflation-linked government securities will be issued from 1 July 2022.
