An Association of Professional Insurance Market Participants has been established in Uzbekistan and will start working at the beginning of June, the State Service for Insurance Supervision of the Republic of Uzbekistan reported to RP Newsline.
The Association was set up on the initiative of the Ministry of Finance of Uzbekistan and several Uzbek insurers.
On 10 April 2007, Islam Karimov, President of Uzbekistan, signed a decree on Measures for Further Reforming and Developing the Insurance Market. In particular, the decree involves establishing an Association of Professional Insurance Market Participants of Uzbekistan.
The Association’s Council consists of 5-7 representatives of Uzbek insurers and will manage the organization, the State Service for Insurance Supervision explained. Any participant in the insurance market including insurance companies, brokers, adjusters, and surveyors may enter the Association. The entrance fee will total between 15 million soums and 20 million soums (from US$12,000 to US$16,000). The annual membership fee will be 5-7 million soums (from US$4,000 to US$5,500) for insurers and a smaller amount for other market participants.