Nigmatilla Yuldoshev: “Billions of funds are taken abroad due to the lack of control in the insurance market”
In 2017 and 2018, 275 billion UZS or almost 33 million USD were transferred to foreign insurance companies, but the insurance payments that were received by insurance companies of Uzbekistan for reinsurance during this period were 30 times less than it was transferred.
At the nineteenth plenary session of the Senate of the Oliy Majlis, omissions in legislation, negligence and inattention of some responsible persons of ministries and agencies were criticized, as a result of which billions of funds instead of attracting to the economy were taken abroad.
Chairman of the Senate Nigmatilla Yuldoshev noted that the Law “On insurance activities”, adopted 15 years ago, does not meet the requirements of the time. Only 6 specialists work at the Inspection of insurance supervision under the Ministry of Finance to control the insurance market, which has 10 thousand 200 professional participants. In most cases, this organization is engaged in compilation of relevant documents.
As a result, the country's insurance market remains out of control. And this is only in the hands of some insurance companies that work in the name of their interests.
– Taking advantage of possibility of reinsurance of their duties outside the country, insurance companies transferred insurance payments in the amount of 275 billion UZS or almost 33 million USD to insurance companies of foreign countries”, – says N.Yuldoshev. – And the insurance payments received by insurance companies of Uzbekistan during this period amounted to 10.5 billion UZS or 1.2 million USD that is 30 times less than transferred.
For example, ALFA-INVEST insurance company for two years paid insurance payments totaling 81.4 billion UZS or more than 9.6 million USD to foreign companies. However, this company has not received any payments from foreign companies.
Meanwhile, reinsurance is an additional opportunity for insurance companies, when the lack of their own capabilities in insurance of large objects, they take on insurance obligations together with another insurant.
In fact, this norm “serves” the leakage of billions of soums outside the country.