Uzbekistan Suspends Kapital Sug’urta License for 10 Days

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s National Agency for Prospective Projects (NAPP) has suspended the license of insurance company Kapital Sug’urta for 10 days, with the restriction taking effect on 26 August. The decision prevents the insurer from signing new insurance and reinsurance contracts and extending existing ones, the NAPP press service said.

Kapital Sug’urta must continue to fulfill its obligations under insurance contracts concluded before the restriction took effect.

The NAPP also recommended that consumers refrain from entering into new insurance contracts with the company until the deficiencies that led to the license suspension have been addressed.

This is not the first regulatory action against Kapital Sug’urta. In January 2024, the NAPP also suspended the insurer’s license for 10 days.

At that time, the regulator identified violations of statutory criteria while reviewing the company’s financial statements. Following the inspection, Kapital Sug’urta was fined 162 million soums.

According to the State Register of Enterprises and Organizations, Kapital Sug’urta was registered in August 1997. The company operates in non-life insurance and has authorized capital of 80 billion soums.

The register lists shareholders as the company’s founders, holding a 100% stake. Kapital Sug’urta is headed by Borikhojaev Khumoyunkhon Avazkhon ugli.