The National Agency for Advanced Projects of Uzbekistan (NAPP) has suspended the license of the insurance company Kapital Sug’urta for a period of ten days. This restriction came into force on August 26.
According to the NAPP press service, during the suspension period, the insurer is not entitled to conclude new insurance and reinsurance contracts, nor to extend existing agreements. Nevertheless, Kapital Sug’urta is obliged to continue fulfilling all its obligations under insurance contracts concluded before the restriction took effect.
Furthermore, NAPP advised consumers to refrain from concluding new insurance contracts with this company until the deficiencies that caused the license suspension are resolved.
This is not the first instance of regulatory measures against Kapital Sug’urta. In January 2024, NAPP also suspended the insurer's license for ten days. At that time, the regulator discovered violations of legally established criteria during the audit of the company's financial statements, after which Kapital Sug’urta was fined 162 million soms.
According to the State Register of Enterprises and Organizations, Kapital Sug’urta was registered in August 1997. The company operates in the field of non-life insurance and has an authorized capital of 80 billion soms. The register indicates that the shareholders are the company founders, who own one hundred percent of the shares. Kapital Sug’urta is managed by Borikhojaev Khumoyunhon Avazhon Ugly.