Proceedings of the 7th International Conference on Management, Economics and Finance
Regulatory Compliance Risks in the Insurance Market of the Republic of Uzbekistan
Azimov Rustam Sadikovich, Mirsadikov Miradil Abdullayevich, Usmonaliyev Botir Usmonaliyevich
The relevance of the topic is due to the need for further development of insurance legislation in the context of avoiding compliance risks. In the available works of domestic and foreign authors, the problems of regulatory compliance risks in the insurance market of the Republic of Uzbekistan were practically not considered. The paper considers the main regulatory compliance risks in the insurance market of the Republic of Uzbekistan, as well as the analysis of regulatory compliance risks in the insurance market.
The results of the study can be used by insurance companies, as well as government agencies to assess the state of affairs and prospects for further development of insurance legislation. As other factors hindering the development of compliance control services in insurance organizations of the republic, the following are indicated: high costs for the creation and operation of compliance control services; the practical absence of specialists on compliance control issues in insurance organizations of the republic; insufficient supply of computer programs for automation of compliance control in domestic insurance companies.
keywords: compliance, compliance control, compliance risks, insurance