Regulatory Compliance Risks in the Insurance Market of the Republic of Uzbekistan

Proceedings of the 7th International Conference on Management, Economics and Finance

Year: 2023

DOI: https://www.doi.org/10.33422/7th.icmef.2023.11.115

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Regulatory Compliance Risks in the Insurance Market of the Republic of Uzbekistan

Dr.Sn. Azimov Rustam Sadykovich, Ph.D. Mirsadikov Miradil Abdullaevich, Usmonaliev Botir Usmonalievich

 

 

ABSTRACT: 

The relevance of the topic is conditioned by the necessity of further development of insurance legislation in the context of compliance risk avoidance. The problems of the current state and prospects of insurance development and certain aspects of insurance use as an element of the risk management system of individuals and legal entities have been reflected in the works of Western and national scientists. The works of a number of Uzbek scientists and practitioners have been devoted to analyzing the issues of insurance development and certain aspects of insurance practice in Uzbekistan. Scientists from foreign and neighboring countries have been dealing with separate issues of insurance. The problem of regulatory compliance risks in the insurance market of the Republic of Uzbekistan has not been practically considered in the available works of national and foreign authors. This paper considers the main regulatory compliance risks in the insurance market of the Republic of Uzbekistan. The results of the work include the definition of the main compliance risks in the activities of insurers in the insurance market of Uzbekistan. The article concludes that the realization of regulatory compliance risks is associated with potential significant losses of national insurers, but until recently the insurance companies of the republic did not concern about the creation of compliance control service. In the course of this work we applied such research methods as analysis and synthesis of available information in the field of regulatory risk compliance in Uzbekistan and internationally, expert assessment, scientific abstraction and others. The results of the research may be used by insurance companies, as well as state authorities to assess the state of affairs and prospects for further development of insurance legislation.

keywords: compliance, compliance control, compliance risks, insurance