Insurance relations and their regulatory mechanism

Questions for previous topic

• Mandatory insurance
• Process of mandatory insurance
• Insurance contract
• Protecting from different risks
• Insurance secret
• Double insurance
• Cancellation of insurance contract

Insurance relations and their regulatory mechanism

By Umidjon Sharipov

Insurance

Get rid of unnecessary worries for manifuctures
Attention to the product or service
Protect from financial losses of new or long-term companies

Government’s control over insurance market

Special state organs
Taxes
Mandatory insurance

Insurance should be controlled by government

Diversified, lots of problems
Monopoly
Social and economic crisis during the development of market economy
Conflicts between the carrier and the assured

The tasks in controlling of insurance market in Uzbekistan

• State control institute of insurance
• Licensing
• Checking whether one can afford the payment or not
• Helping to prevent from risks
• Determining the direction of using insurance fonds
• Defining the reasons to exit from insurance market
• Providing clarity and qualty of insurance service

Controlling process of insurance by government

Fulfillment of requirements of law by participants
Providing with normative legal framework of insurance
Insurance activity
Choosing professional participants of insurance market

Government should take part in insurance process:

Investment
Cover for damage
Large insurance companies by government