Another insurance organization was fined

"Omad Insurance" JSC has been fined, and its license has been suspended. This was reported by the National Project Management Agency under the President of the Republic of Uzbekistan.

According to the report, after reviewing the financial statements of "Omad Insurance" JSC, the agency identified violations of legal requirements, resulting in a fine of 76.5 million soums.

"Article 47 of the Law of the Republic of Uzbekistan 'On Insurance Activities' and Article 32 of the Law 'On Licensing, Permitting, and Notification Procedures' were applied through a special electronic system. Based on Clause 41 of the Uniform Regulation on the Licensing Procedure for Types of Activities and the corresponding decision, License No. 033072, issued to 'Omad Insurance' JSC on July 22, 2022, for insurance activities, has been suspended for a period of 10 days starting from September 17, 2024," the report stated.

Furthermore, "Omad Insurance" JSC is prohibited from entering into new insurance (reinsurance) contracts or renewing existing ones during the suspension period of its license.

The organization is required to fulfill its obligations under previously concluded insurance (reinsurance) contracts as per the regulations.

It is noteworthy that five other insurance organizations have been fined earlier.