Senate Approves New Rules for Financial Services Advertising

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Senate approved the Law "On Amendments and Additions to the Law of the Republic of Uzbekistan 'On Advertising'," introducing new requirements for financial services advertising and measures to improve public insurance literacy. The Senate of the Oliy Majlis of Uzbekistan reported the decision.

During the discussion, senators noted that Uzbekistan has in recent years implemented broad measures to protect the rights and legitimate interests of consumers in the fields of insurance services and credit and financial relations, while also introducing additional benefits for the public, including entrepreneurs.

At the same time, the senators emphasized the need to expand public awareness efforts through the media to improve citizens' insurance literacy and inform consumers about the financial risks associated with using credit products and failing to meet debt obligations.

The law classifies information aimed at improving insurance literacy as social information. It also designates authorized state bodies in the relevant sectors as advertisers of social information.

The amendments further require advertisements for financial services to include a warning that using such services and failing to meet debt obligations may result in financial risks.

According to the senators, the law will help strengthen public confidence in insurance services and improve awareness among citizens and businesses of the financial risks associated with borrowing.

Following the discussion, the Senate approved the law.