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Uzbekistan

NAPP imposed sanctions and suspended the license of "KAPITAL SUG'URTA"

The National Agency for Advanced Projects (NAAP) imposed sanctions and suspended the license of KAPITAL SUG'URTA.

The National Agency for Advanced Projects (NAAP) suspended the license issued to KAPITAL SUG'URTA joint-stock company for ten days effective August 26. Additionally, the company was assessed penalties.

This decision was made pursuant to Article 47 of the Law "On Insurance Activities," Article 32 of the Law "On Licensing, Permitting, and Notification Procedures," and Clause 41 of the Uniform Regulations on the Licensing Procedures for Certain Types of Activities. As a result, license No. 049696, issued on November 22, 2022, has been suspended.

During the period of these restrictions, KAPITAL SUG'URTA is prohibited from entering into new insurance and reinsurance contracts or renewing existing ones. However, the insurer is obligated to fully fulfill all its obligations under contracts executed prior to the imposition of the restrictions. The regulator also warned consumers of insurance services against entering into contracts with this organization until all identified violations have been fully rectified.

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