Article 42. Licensing of Insurance Activities

On insurance activities (LRU-730-son) · Date: 23.11.2021 · In force

Insurance activities of insurers (reinsurers) and insurance brokers shall be carried out on the basis of licenses issued by the authorized state body in accordance with the procedure established by the legislation.

A license shall be issued to the insurer to carry out insurance activities either in the field of life insurance, or in the field of general insurance, or exclusively reinsurance activities.

An insurer who carries out insurance activities in the field of life insurance shall not have the right to carry out insurance activities in the field of general insurance, except for certain types (classes) in the field of general insurance, determined by the legislation. An insurer who carries out insurance activities in the field of general insurance shall not have the right to carry out insurance activities in the field of life insurance. An insurer who carries out exclusively reinsurance activities shall not have the right to conclude insurance contracts.

The license shall specify the types (classes) of insurance which the insurer intends to carry out.

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Source of the text

National Database of Legislation of the Republic of Uzbekistan (lex.uz). Original on lex.uz: lex.uz/docs/6124730

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Cite as: Article 42. Licensing of Insurance Activities On insurance activities (LRU-730-son). neolex.uz/en/laws/law-5739120/42 (lex.uz/docs/6124730)