The Senate of the Oliy Majlis of the Republic of Uzbekistan approved the law “On insurance of agricultural risks” , aimed at protecting agricultural producers.

According to the law, the assessment of losses and determination of the amount of damage from insurance events will be carried out by independent experts. A mechanism of state support is also provided, within the framework of which 50% of the insurance premium will be reimbursed by the state . In the event of insufficient funds from the Fund to cover losses , the remaining part of the insurance premium will be compensated from the republican budget .

The law is expected to create a legal basis for compensating agricultural producers for losses, increasing their financial stability and reducing the impact of risks. The new mechanism should contribute to the economic stability of the industry, improve investment attractiveness and strengthen the country's food security.

The process of drafting and adopting a bill

The development of the bill "On Agricultural Risk Insurance" was announced on November 25, 2024, when the president was presented with proposals to ensure food security and increase cotton and grain yields. During the presentation, it was noted that the adoption of the law would ensure economic protection for peasants and farmers.

The bill was adopted in the first reading on January 7, 2025, at a meeting of the Legislative Chamber of the Oliy Majlis, and in the third reading on March 4. It was then sent to the Senate.
 

Source - Source - Daryo.uz