RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 23, 2021 No. PP-5265

About additional measures for digitalization of the insurance market and development of the sphere of life insurance

For the purpose of ensuring the accelerated development of the national insurance market, increase in consumer confidence to the insurance market, and also execution of the tasks determined in the State program by strategy implementation of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021 in "Year of support of youth and strengthening of health of the population":

1. Establish procedure according to which:

a) since July 1, 2022:

implementation of all types (classes) of insurance electronically is allowed;

insurance policies on all types of insurance are registered in the Single automated information system which is conducted by Agency on development of the insurance market under the Ministry of Finance together with Fund of guaranteeing insurance payments;

b) since January 1, 2023 practice of execution of insurance policies by all types of compulsory insurance on paper forms is cancelled.

2. Determine that:

during the period from January 1, 2022 to January 1, 2025 the established tax rate of the income tax charged on part of activities in the field of life insurance of the organizations performing activities in this sphere decreases by 50 percent;

during the period from January 1, 2022 to January 1, 2028 the means sent by employers to the legal entities having the license for implementation of insurance activity in the Republic of Uzbekistan, based on insurance contracts from accidents and by types of medical insurance, concluded for the workers, are not considered as comprehensive income of physical persons.

3. Ceased to be valid according to the Resolution of the President of the Republic of Uzbekistan of 30.12.2022 No. PP-471

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