Insurance companies in Uzbekistan: licensing and supervision

An insurer in Uzbekistan must be a joint-stock company, obtain a licence from the National Agency for Perspective Projects (NAPP), and hold at least UZS 25 billion in capital. Before it accepts a risk, it also needs approved managers, product rules, reserves, controls, reporting, and electronic policy registration.

In brief:

• an insurer or reinsurer operates as a joint-stock company, while an insurance broker is a licensed legal entity;
• the current minimum capital is UZS 25–80 billion, depending on the business line;
• NAPP generally has 20 business days to decide, and the state fee is 4.400.000 sum;
• every contract and policy must be registered in the unified insurance information system;
• capital, licensing, governance, reserves, reporting, and controls must all be ready before the first risk is accepted.

Updated: 05 September 2026

Eligibility, licensing and capital

Who may conduct insurance activity

The insurance-market participants (Article 12) include insurers, intermediaries, adjusters, actuaries, surveyors, and assistance providers. State social and state medical insurance are outside this regime (Article 1).

Insurers and reinsurers may only be joint-stock companies. A non-resident may be a founder, but a resident's property interests located in Uzbekistan are generally insured by a resident insurer (Article 4). A licensee's name must contain the insurance designation and comply with the naming restrictions (Article 41). Insurance may be voluntary or mandatory; each mandatory product has its own statute, while this division of forms (Article 7) is separate from the licence classes.

How to obtain an insurance licence

NAPP is the licensing authority. An insurer's licence covers life, general, or exclusive reinsurance and lists its authorised classes. Life and general business cannot normally be combined; the precise licence division appears in Article 42. A general insurer may accept reinsurance in its licensed classes, while an exclusive reinsurer may cover all classes but may not write direct policies under the reinsurance regime (Article 8).

The electronic application states the taxpayer number, the activity and subtype, and evidence of compliance. This is the statutory minimum (Article 26); unlisted documents cannot be demanded. NAPP must decide within 20 business days (Article 28). If it does not, payment of the fee permits the electronic system to issue the licence. The fee is 4.400.000 sum.

Example. With the current BRV of UZS 440,000, the fee is 10 × 440,000 = UZS 4,400,000. This is the licence fee, not the full launch budget.

Refusal is limited to an incomplete file, non-compliance, a current court prohibition, false data, or a mandatory negative expert opinion. Correctable defects receive up to 30 business days (Article 29), followed by a five-day re-review without a new fee. After a change of name, address, or form, reissue must be requested within five business days (Article 30). A branch does not need a separate licence, but its address is recorded and it follows the licence (Article 10). See also licences and permits for the general electronic procedure.

Minimum capital

Capital must be paid in cash in national currency before the application; borrowed, pledged, or credit funds cannot be used (Article 40).

Where voluntary and mandatory classes are combined within one line, use the higher applicable floor. A voluntary life insurer holding UZS 24 billion is UZS 1 billion short of today's UZS 25 billion floor and will need another UZS 5 billion by 1 October 2027.

Management and insurance contracts

Management and intermediaries

Before appointment, NAPP receives evidence that the chief executive and chief accountant meet the fit-and-proper rules. A chief executive generally needs relevant higher education and three years' experience (Article 36), or seven years in insurance for another degree. A branch head needs higher education and one year's experience (Article 37). Persons connected with a previous bankruptcy, listed convictions, terrorism, money laundering, or proliferation financing are excluded by the full restriction list (Article 38).

A broker acts for the client and must provide complete objective information (Article 17), keep secrecy, and maintain records. An agent is not separately licensed: the agent acts under an agreement after registration by the insurer, explains terms, records policies and premiums, and supports claims under the agent duties (Article 19).

Contracts and electronic policies

The insurer's rights and duties (Article 14) include writing policies, reinsurance, investment, reserves, agent registers, annual audit, actuarial review, and confidentiality. A contract must be written or electronic; otherwise it is invalid (Article 29). The parties agree the insured subject or person, event, amount, premium, payment method, and term as essential terms (Civil Code Article 929).

Product rules must state insured subjects, risks, sums, tariffs, premiums, formation and termination, rights, loss calculation, payment periods, and exhaustive refusal grounds. This mandatory content (Article 30) is reviewed before sale. An electronic policy signed by the insurer and accepted through offer and payment is equivalent to paper (Article 31).

Since 1 September 2024 every contract and policy must be entered in the unified system. An unregistered policy is invalid and the omission is a gross licensing breach. Once proof of an insured event is supplied, the insurer must pay on time; the parties may first settle the undisputed portion (Article 34).

Customers choose their insurer freely and products cannot be tied; the anti-tying rule is in Article 63. Health, property, account, and policy data are protected by insurance secrecy (Article 62). Acting for an unregistered foreign insurer is generally restricted by the cross-border rule (Article 5). Before placing risk abroad, the cedant must first offer it to NAPP-participated reinsurers and then other domestic reinsurers under the offer sequence.

Financial requirements and reporting

Solvency, reserves, and investment

The prudential standards (Article 48) cover capital, solvency margins, single-risk limits, reserves, and NAPP ratios. Internal control, risk policy, stress testing, and board oversight form the control system (Article 51).

If own funds plus reserves are UZS 50 billion, one ordinary risk should not exceed UZS 10 billion. A UZS 14 billion risk therefore requires at least UZS 4 billion of reinsurance. Reserve assets are protected from seizure (Article 49), are calculated by class and currency, and records remain for at least three years. At least 70% of allocated assets must be in the specified liquid categories. The board approves next year's investment policy by 20 December. A solvency-margin coefficient below 0.5 may suspend or end the licence under the breach consequences.

Reporting, audit, and tax

Insurers have used IFRS since 2021 under the mandatory transition. They undergo annual audit and annual actuarial review; the actuarial opinion is filed with NAPP (Article 56). An annual report cannot be published without the audit opinion and must disclose capital, liquidity, risk, and ratios under the disclosure rules (Article 58).

Statutory reserve-fund deductions are expenses only within the legal ceiling under the special tax rule (Article 315). The calendar contribution is paid quarterly within five business days after NAPP's notice. If gross inward premiums are UZS 12 billion and ceded premiums UZS 2 billion, the base is UZS 10 billion and the contribution is UZS 20 million. See financial statements and corporate income tax for the general accounting and tax framework.

Supervision and termination

NAPP supervision

NAPP may issue binding orders and impose a fine up to 0.1% of minimum capital (Article 47). It may buy an insurance service without notice as a mystery purchase (Article 64). Prohibited business and illegal disclosure are among the gross breaches (Article 54). Measures include suspension, cancellation, and portfolio transfer under the supervisory powers (Article 53). During suspension, old obligations remain enforceable under the continuing-duty rule (Article 43). Unlicensed activity carries a fine of 132.000.000 sum.

For a UZS 35 billion voluntary general insurer, 0.1% is UZS 35 million. At BRV 440,000, 300 BRV is UZS 132 million.

Reorganisation and licence termination

Merger, accession, division, separation, or conversion requires NAPP approval within 15 days (Article 45). Division and separation end the old licence; new entities need their own. Following compulsory termination, NAPP applies for liquidation within five days (Article 44), and a temporary administration takes control.

After liquidation costs, claims are ranked: mandatory life, other mandatory insurance, other policyholders and beneficiaries, budget claims, then remaining creditors under the insurance priority (Article 46). In insolvency, policies with no event terminate with a return of the unused premium; claims for earlier events go to the liquidator under the policyholder protection (Article 184).

Changes and launch checks

Changes in 2025–2026

• PP-108 of 1 March 2024 brought the current UZS 25–80 billion capital floors into force on 1 October 2025 and already sets the next rise for 1 October 2027.
• Rules 3898 of 13 July 2026 apply AML, terrorism-financing, and proliferation-financing controls to insurers, reinsurers, and intermediaries; agents count as insurer employees for this purpose.
• The organisation must document risk assessment, customer and beneficial-owner checks, monitoring, suspicious-transaction detection, and reporting as the required control set.

Pre-launch checklist

Before accepting premiums, founders should choose lines and classes; incorporate the joint-stock company; pay the applicable capital in eligible cash; clear managers; obtain the licence; approve product rules and policy registration; establish reserves, risk limits, reinsurance, investment and liquidity; appoint control functions; set up IFRS, audit, actuarial and tax calendars; and review agent, broker, secrecy, and claims procedures.

This sequence links the moving parts: licensed classes define permissible products, capital and reserves constrain risk, and records and controls demonstrate the ability to honour policies.

Frequently asked questions

Does an insurance agent need a licence?

The agent has no separate licence under the Insurance Activity Law. The agent acts for a licensed insurer under an agency agreement after entry in that insurer's register.

What is the minimum capital?

From 1 October 2025 it ranges from UZS 25 billion for voluntary life insurance to UZS 80 billion for exclusive reinsurance. Higher floors take effect on 1 October 2027.

How long does licensing take?

The general maximum is 20 business days for a complete application. Correctable defects may be fixed within 30 business days, followed by a five-business-day re-review.

Can an insurer issue paper-only policies?

No. Every contract and policy must be registered through the unified electronic system. Paper may be an additional medium, but it cannot replace registration.

May a foreign company found an insurer?

Yes, a non-resident may be a founder. The insurer covering a resident's Uzbekistan-based property interests must generally itself be resident, and foreign reinsurance follows the domestic offer sequence.