Uzbekistan Senate Passes New Insurance and E-commerce Law

Tashkent, Uzbekistan (UzDaily.com) — During a plenary session of the Senate of the Oliy Majlis, the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan" was considered and approved, aimed at the further development of the insurance services market and the e-commerce sector.

During the discussion, it was noted that systematic work has been carried out in the country in recent years to develop the insurance market, expand the use of digital payments, and implement financial technologies that ensure the secure processing of payment documents. At the same time, the necessity of harmonizing existing legislative norms to ensure their uniform application within the insurance sector was emphasized.

Senators also pointed to the growing need to increase the efficiency of e-commerce entities, strengthen industry regulation, and ensure effective state control to protect the rights and legitimate interests of both citizens and businesses.

The document provides for amendments that expand the supervisory functions of the authorized state body to protect consumers of insurance services, as well as the regulation of activities for other professional participants in the insurance market.

Furthermore, a procedure for mandatory notification of the authorized body regarding the commencement and termination of activities by e-commerce operators is being introduced. Liability is established for non-compliance with these requirements.

According to the senators, the adoption of the law creates favorable conditions for both insurance market participants and consumers, contributes to the further development of the industry and the improvement of e-commerce, and ensures effective control and protection of citizens' rights. Following the deliberations, the law was approved.