Tashkent, Uzbekistan (UzDaily.uz) — A delegation from the National Agency for Advanced Projects (NAAP) has conducted a significant visit to the International Association of Insurance Supervisors (IAIS), marking the first-ever participation of Uzbekistan’s insurance regulator within IAIS.
Amid growing globalization and increasing economic interdependence, the agency is taking major steps to enhance the resilience and reliability of Uzbekistan’s insurance market while integrating it into the global financial system. Particular emphasis is being placed on cooperation with IAIS.
Founded in 1994, IAIS is an international organization that brings together insurance regulators and supervisory authorities from various countries. It plays a key role in ensuring the stability and reliability of the global insurance market, fostering international cooperation, developing regulatory standards, and assisting countries in improving the quality of their insurance supervision.
During the meeting with the IAIS Director General, discussions centered on the strategic plan for 2025-2029, and an agreement was reached to provide technical assistance to the Uzbek agency in implementing international regulatory standards.
Additionally, discussions with IAIS committee leaders focused on the adoption of the SOLVENCY II standard, which follows a risk-based approach to national insurance market regulation. This approach enhances risk management efficiency and strengthens the resilience of insurance companies against potential challenges.
The implementation of international standards and best practices will improve insurance service quality, increase public trust in insurance companies, and contribute to economic stability and the sustainable development of Uzbekistan’s national insurance market.
