A Comparative Study on Car Insurance Laws of Uzbekistan and Korea

Abstract

Ⅰ. Purpose and Scope of Research □ With development of capitalism in Uzbekistan, insurance has become a growing market, and Uzbekistan is in need of a thorough research on capitalistic market-based countries’ insurance legal framework in order to modernize its insurance market. On the other hand, Uzbekistan being Korea’s one of largest investment target, Korea needs to be equipped a better knowledge on Uzbekistan’s laws and systems and how Uzbek’s law differs from Korean law, especially those related to finance and insurance. Thus, a comparative research on the two countries’ car insurance laws is timely and meaningful. □ This research aims to provide an overview on issues of car insurance legislation in Uzbekistan in comparison with those of Korea, thus providing scientific and practical ground for improvement of car insurance law in Uzbekistan and Korea.

Ⅱ. Research Content □ Car Insurance Laws of Uzbekistan ○ The Republic of Uzbekistan has developed an integral system of state regulation of the democratic transition and socio-economic reforms. In Uzbekistan, the government itself carries out insurance and maintains the state supervision in the field of insurance. State supervision of insurance activities differentiates in its content to preliminary and current. ○ To date, in Uzbekistan, there are at least 17 pieces of legislative acts that regulate insurance industry. The most relevant of these large volume of acts is the Law of the Republic of Uzbekistan “On compulsory insurance of civil liability of vehicle owners”. ○ The characteristics of Law of the Republic of Uzbekistan “On compulsory insurance of civil liability of vehicle owners” is analysed and assessed. □ Car Insurance Laws of Korea ○ In Korea’s insurance legal framework, car insurance is categorized as non-life insurance or general insurance. ○ Laws that govern car insurance, including the Commercial Act, the Regulation on Supervision of Insurance Business, and Guarantee of Automobile Accident Compensation Act, are reviewed. ○ The characteristics of car insurance regulation under above mentioned laws are examined and assessed.

Ⅲ. Expected Effects □ For Uzbekistan, as its market undergoes democratic transition and socio-economic reforms and shifts towards capitalistic market, a research on legal framework on car insurance in a capitalistic market will provide hints on how Uzbekistan’s insurance market should develop and be regulated. □ For Korea, which is in need for deeper understanding on laws and legal system of Uzbekistan, which purportedly one of the largest investment targets, this research will provide fundamental knowledge on insurance market of Uzbekistan.