Universal Sug‘urta company ceased insurance activities

The license of the insurance company Universal Sug‘urta to carry out activities in the field of general insurance on a voluntary basis has been canceled since April 2, the press service of the National Agency for Prospective Projects of Uzbekistan (NAPP) reported.

As NAPP reported to Gazeta.uz, the initiative to terminate the license issued on July 7, 2022 came from the insurer itself.

The message says that the document was canceled in accordance with Article 33 of the law “On licensing, permitting and notification procedures” and paragraph 49 of the government decree of February 21, 2022 “On approval of a unified regulation on the procedure for licensing certain types of activities through a special electronic system”. Both grounds include, among other things, the licensee’s request to revoke the license.

NAPP emphasized that Universal Sug‘urta is obliged to fulfill its obligations under previously concluded insurance contracts.

In November 2023, NAPP canceled the licenses of four insurance companies at once – Unipolis, Farovon Sug‘urta, Sharq-Sug‘urta and Asko-Vostok, and previously fined eight insurance organizations for violating prudential standards in the amount of 254.5 million soums.

#NAPP #Universal Sug‘urta #general insurance