Senate Approves New Rules for Financial Services Advertising

Uzbekistan's Senate has given its approval to a new law, "On Amendments and Additions to the Law of the Republic of Uzbekistan 'On Advertising'," which will bring in fresh regulations for financial services advertising and initiatives to boost public understanding of insurance. The decision was announced by the Senate of the Oliy Majlis of Uzbekistan.

Senators highlighted during their deliberations that Uzbekistan has recently taken extensive steps to safeguard the rights and legitimate interests of consumers in insurance services and credit and financial dealings. These measures have also introduced additional advantages for the public, including entrepreneurs.

Concurrently, the senators underscored the importance of expanding public awareness campaigns through media channels. The goal is to enhance citizens' insurance literacy and to educate consumers about the financial dangers linked to utilizing credit products and failing to fulfill debt commitments.

Under the new law, information designed to improve insurance literacy will be categorized as social information. Furthermore, designated state bodies in their respective sectors will be identified as advertisers of this social information.

The amendments also mandate that advertisements for financial services must now carry a warning. This warning will caution that engaging with such services and not meeting debt obligations could lead to financial risks.

Senators believe that this legislation will play a role in bolstering public trust in insurance services and will increase awareness among both citizens and businesses regarding the financial risks inherent in borrowing.

After the discussion concluded, the Senate officially approved the law.