Uzbekistan's president has signed a decree establishing a national reinsurer, which will be named Uzbekistan Reinsurance Company, according to news platform Uzbekistan Daily.
The platform also noted that with an initial authorised capital of UZS300bn ($23.9bn), the reinsurer will be one of the largest participants in the domestic insurance market in terms of paid-in capital.
Additionally, the state will hold a 50% stake in the company, with the National Agency for Prospective Projects (NAPP) acting as the insurance regulator. NAPP will also represent the state as a shareholder.
According to Uzbekistan Daily, NAPP’s involvement is also “expected to enhance regulatory oversight, enabling more effective monitoring, reducing systemic risks and increasing transparency within the industry”.