The law on insurance activity, which was adopted 15 years ago, does not meet modern requirements. This was announced by Senate Chairman Nigmatilla Yuldashev during the XIX plenary meeting.

Nigmatilla Yuldashev noted that “billions of soums are literally flowing out of the country instead of being attracted.” 

“10.2 thousand insurers in the country are controlled by only six employees of the Ministry of Finance. They do not have the physical ability to complete the work,” he said.

It became known that in 2017-2018, insurance companies transferred $33 million to foreign countries, and the amount of insurance premiums within the country was only $1.2 million, that is, 30 times less.

“For example, the insurance company Alfa-Invest for two years paid $9.6 million to foreign companies, but did not receive a penny from them,” Yuldashev noted.

He stated that some legal provisions provide opportunities for insurance companies to send money to foreign countries.