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The authorized capital of the organization will be 300 billion soums, half of which will belong to the NAPP.
The President of Uzbekistan Shavkat Mirziyoyev approved the proposal to establish a national reinsurance organization in Uzbekistan.
In 2025, it is planned to increase the volume of the local reinsurance market to 4 trillion soums. The goals are to increase the export of reinsurance services by 30%, as well as attract up to 150 billion soums of investment into this area.
The Reinsurance Company of Uzbekistan (RCU) is being established to carry out all types of reinsurance. Its authorized capital will be 300 billion soums, of which 50% will belong to the state and 50% to private investors.
The National Agency for Prospective Projects will act as a shareholder on the state side. It must contribute 5% to the authorized capital within a month after the establishment of the company, then add the rest in equal shares during the year.
The PCU will provide comprehensive reinsurance coverage for direct and portfolio investments. It will be responsible for insuring risks during the implementation of projects by foreign and local investors, as well as for international cooperation in the field of reinsurance. From September 1, reinsurers and insurance brokers will have to offer to conclude reinsurance contracts with the PCU before transferring insurance obligations for reinsurance to foreign insurers. If the PCU refuses or does not accept all obligations, the remaining part may be sent to other insurers.