THE ROLE OF THE CENTRAL BANK OF UZBEKISTAN IN REGULATING THE INSURANCE SECTOR: NEW REQUIREMENTS, STANDARDS, AND CHALLENGES FOR INSURANCE COMPANIES

Abstract

The article examines the role of the Central Bank of the Republic of Uzbekistan as the megaregulator of the insurance market, as well as the key directions for improving the regulatory and legal framework in the insurance sector. The study reviews modern requirements for capital, reserves, risk management, and information disclosure introduced as part of financial sector reforms. Special attention is given to the transition to international regulatory standards, digitalization of supervisory procedures, and strengthening control over the solvency of insurers. The article provides an analysis of the impact of new regulatory mechanisms on the financial stability of insurance companies, the level of market competition, and the quality of insurance services. It also highlights the major challenges that remain relevant during the transformation of Uzbekistan’s insurance market, including the need to develop a compliance culture, improve transparency, and implement risk-based supervision.