Uzbekistan Cancels Global Insurance Group Operating License

International News Desk: Uzbekistan’s National Agency for Prospective Projects has revoked the insurance license of the joint-stock company Global Insurance Group, with the decision taking effect on May 9, 2026. The move, announced by the regulatory body, marks the latest instance of tightened oversight in the country’s insurance sector, where authorities have been actively addressing compliance and operational standards among market participants.

According to the National Agency for Prospective Projects, the revocation was carried out in full accordance with national licensing legislation. Specifically, it references Article 34 of the Law of the Republic of Uzbekistan “On Licensing, Permitting and Notification Procedures,” along with paragraph 52 of Cabinet of Ministers Resolution No. 80, dated February 21, 2022. The license in question, identified as series SF No. 00035, had been issued on February 25, 2022, through the state electronic licensing system.

Global Insurance Group, which operated as one of the players in Uzbekistan’s insurance market offering various classes of voluntary insurance, now faces the cessation of new business activities. However, the regulator has emphasised that the company remains fully obligated to fulfil all commitments arising from previously concluded insurance and reinsurance contracts. Policyholders and creditors are expected to have their claims addressed through established legal and procedural channels to ensure continuity of coverage and protection of interests.

This development comes amid a broader pattern of regulatory actions in Uzbekistan’s insurance industry. In recent years, the National Agency for Prospective Projects has suspended or revoked licenses from several companies for various reasons, including compliance issues, capital shortfalls, or voluntary requests. Global Insurance Group itself had encountered prior regulatory interventions, such as temporary suspensions in 2024 and 2025, which included fines and operational restrictions. These earlier measures highlight recurring challenges within the sector as Uzbekistan continues to modernise its financial oversight and align practices with international standards.

The revocation is likely to prompt discussions about market consolidation in Uzbekistan’s insurance landscape. With fewer active players, remaining companies may see opportunities for growth, while the move underscores the regulator’s commitment to maintaining stability and consumer protection. Industry observers note that such actions often reflect efforts to weed out underperforming entities and encourage higher standards of governance and solvency across the board.

As the situation unfolds, affected parties, including existing policyholders, are advised to monitor official communications from both the company and the National Agency for Prospective Projects regarding the handling of outstanding obligations. Further details on the specific grounds for the revocation beyond the cited legal provisions have not yet been publicly elaborated by authorities.