The Ministry of Finance of the Republic of Uzbekistan and the United Nations Development Program “Public Finance Reform in Uzbekistan” Project co-hosted the round table. The round table was held as a part of initiative focused on reforming and developing the institutional environment for insurance market of Uzbekistan.

Nowadays, the insurance sector is going through an accelerating development and experiencing dynamic changes. Notably, the observed growth level has been stimulated by a set of recently implemented legislative documents. In particular, the Law “On insurance activities” and the President’s decree “On measures of further reforming and developing the insurance market” from 10 April 2007 has triggered activization of this sector. Moreover, such initiative has stimulated further changes in legislation, such as the adoption of laws “On obligatory insurance of civil liability of car owners”, and “On obligatory state social insurance against accidents at production and professional diseases”.

In fact, a substantial attention has been paid to the enhancement of competitiveness of the existing insurance services, their development and quality improvement, adoption of modern insurance services, as well as facilitation of capitalization of insurance providers.

Considering its contribution to the growth of small and medium businesses, mutual insurance is deemed the most attractive insurance service and has subsequently a significant potential in triggering further dynamic growth of insurance market in Uzbekistan. It is necessary to note, that although the mutual insurance norms and the activity of mutual insurance institutions are outlined by the Civil Code, there is an urgent need to develop and implement a separate and complete legislative base for the given sector.

Along with the previously defined project goals, it is becoming more apparent that it is crucial to assist the analysis and introduction of various modern insurance services in Uzbekistan. In fact, the discussion of advantages and risks of mutual insurance, related international experience, prevalence areas, as well as its implications in Uzbekistan, serves well within the frame of efforts made in this direction.

During the roundtable the participants discussed the international experience related to mutual insurance application, its implications in Uzbekistan, as well as the sector’s development prospects. Particular attention was paid to the discussion of the need to design and introduce a separate legislative base governing mutual insurance, which is said to be a key factor in further stimulation of the sector.

The discussion results will be used in further development of adequate legislative foundation for mutual insurance sector. Participants of the roundtable included the representatives of the Cabinet of Ministers of the Republic of Uzbekistan, State Insurance Supervisory Board under the Ministry of Finance, Chamber of Commerce and Industry of Uzbekistan, Association of Professional Participants of Uzbekistan Insurance Market, Federation of Consumer Rights Protection Society of Uzbekistan, Association of Credit Unions, National Association of Microfinance Organizations and Credit Unions, private companies, insurance companies, higher education institutions, international and community organizations.