The National Agency for Prospective Projects has suspended the license of the insurance company Euroasia Insurance, as reported by the agency's press service.
The measures are effective for 10 days, starting from December 6. The company is prohibited from entering into new insurance contracts and renewing existing ones, while it must fulfill its obligations under already concluded agreements.
The regulator has warned consumers against entering into insurance contracts with Euroasia Insurance "until the deficiencies that led to the suspension of the license have been rectified."
In October, the agency had already suspended the company's license for 10 days and imposed a fine of 45 million sums. The insurer's subsidiary, Euroasia Life Insurance, lost its license in February.
The agency received regulatory powers over the insurance market in September 2023. During this time, licenses for Asko-Vostok, Unipolis, Universal Sug’urta, Sharq-Sug’urta, Farovon Sug’urta, New Life Insurance, and Omad Sug’urta were revoked. Several other insurers faced fines.
In July, the Tashkent Interdistrict Economic Court granted the agency's request to suspend the license of DD General Insurance for six months. Another insurer, Agros Hayot, voluntarily applied for a temporary suspension of its license.
Earlier, Spot reported that the agency approved the procedure for providing electronic insurance services.