The USA Journals Volume 03 Issue 06-2021
109
The American Journal of Political Science Law and Criminology
(ISSN
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2693-0803)
Published:
June 30, 2021 |
Pages:
109-115
Doi:
https://doi.org/10.37547/tajpslc/Volume03Issue06-16
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2021:
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‘
ABSTRACT
This article examines the civil regulation of the innovative implementation of investment insurance
activities in the Republic of Uzbekistan, the issues of attracting and using investments through
innovative activities. The article provides definitions of the basic concepts of innovation in the field
of investment insurance and legal innovation. The analysis of the civil legislation in force in the field
of foreign investment insurance regulation and innovative implementation of investment insurance
in the country has been carried out. Furthermore, proposals will be made to improve legislation in
the field of investment insurance in the republic by introducing IT technologies in the process of
investment insurance activities.
KEYWORDS
Investments, innovations, insurance, civil legislation, legal innovations, investment activities, IT
technologies, Fintech, Lawtech.
INTRODUCTION
The Republic of Uzbekistan has sufficient
investment potential. Over the years since
gaining state independence, such industries as
the automotive industry, agricultural machine
building, biotechnology, the pharmaceutical
industry, and information technology have
been developed. The concept of attracting
and using domestic and foreign investments in
the country's economy, developed by the
government, makes it possible to substantiate
the growing trends in the development of the
investment process.
Innovative Implementation Of Investment Insurance In The
Republic Of Uzbekistan
Dauletbike Ametbekovna Eshchanova
Lecturer And Independent Researcher For The Department Of Business Law Of Tashkent State
University Of Law, Uzbekistan
Journal
Website:
http://theamericanjour
nals.com/index.php/taj
pslc
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
The USA Journals Volume 03 Issue 06-2021
110
The American Journal of Political Science Law and Criminology
(ISSN
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2693-0803)
Published:
June 30, 2021 |
Pages:
109-115
Doi:
https://doi.org/10.37547/tajpslc/Volume03Issue06-16
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The country has a high demand for
investments and innovations, as well as
scientific and production potential sufficient
for innovative development of investments.
This means that there are prerequisites for
enhancing innovation in the implementation
of investment activities.
International
experience
shows
that
innovative technologies are the most
important effective means of developing
production and forming the economic
potential of the state. Namely, innovative
technologies include advanced achievements
of science and technology, the possibility of
introducing
scientific
and
technical
developments as well as modernization of
production, mastering the release of new
products and their subsequent sale in the
domestic market.
Local economists pay attentiont to the fact
that today most countries of the world set
themselves the task of transitioning to an
innovative knowledge-based economy, in
which the creation, transfer and use of the
results of scientific and technical activities are
the main conditions for sustainable economic
growth. They emphasize that in sovereign
Uzbekistan,
from
the
first
days
of
independence, much attention has been paid
to the development of domestic science,
leading scientific schools and innovative
research. [1].
Consequently, in the modern conditions of the
development of market relations, attracting
and using investments through innovative
activities is of primary importance for the
Republic of Uzbekistan.
In this aspect, speaking about the legal
essence of the concept, innovation legal
scholars pay attention to the fact that recently
"innovation" and "innovative activity" are the
subject
of
active
discussions
among
politicians, lawyers and businessmen. They
believe that that the content of the term
"innovation" has not been fully defined. [2].
In accordance with the norms of national
legislation,
an
innovation
is
a
new
development introduced into civil practice or
used for one's own needs, the application of
which in practice ensures the achievement of
a significant socio-economic effect. According
to the provisions of the legislation, innovative
activity is considered as an activity on the
creation of new developments, as well as
ensuring their transfer and implementation in
the production sector (Article 3 of the Law of
the Republic of Uzbekistan " On Innovative
Activity").
Consequently,
the
main
criterion
for
innovation and innovative activity is the
practical
implementation
of
a
new
development and obtaining a certain practical
results from its implementation.
Definitely, during the process of implementing
innovative activities, one should clearly
understand what can be considered a new
development. In this case, in accordance with
Article 3 of the Law of the Republic of
Uzbekistan "On Innovative Activity", a new
development is the result of intellectual
activity (new or improved technology, service
and organizational and technical solution of a
production, administrative, commercial or
other nature), which has signs of novelty
compared to existing analogues, practical
applicability and the ability to ensure the
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The American Journal of Political Science Law and Criminology
(ISSN
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Pages:
109-115
Doi:
https://doi.org/10.37547/tajpslc/Volume03Issue06-16
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achievement of a significant socio-economic
effect when use in practice.
Representatives of local economic science
believe that the creation of an effective
innovative system using the existing scientific
potential, where knowledge is actively used, is
one of the primary objectives of the ongoing
reforms in the Republic of Uzbekistan. They
argue that this is not only about government
participation
in
funding
research
and
implementation, it is more important to create
conditions under which the search and
support of innovations would be of interest to
large and small businesses. Thus, the existing
gap between the innovative achievements of
local science and their use in production can
be overcome.
Unfolding the essence of the concept of legal
innovations, it can be considered that
innovations are various kinds of borrowings
from other legal systems, which are resorted
to in order to improve the law, its
harmonization. . Innovations are necessary as
one of the forms of law renewal. [3]. It is
proposed to understand legal innovation as an
innovation introduced into the legal system
that qualitatively improves its elements in
order to harmonize the current law. [3].
From the point of view of modern legal
scholars, the peculiarity of innovation, in
contrast to other related concepts and
categories, such as "novation", "discovery",
"improvement",
"invention",
is
that
innovations allow both to create and receive,
added value and are mainly associated with
practical implementation in social practice. [3].
In our opinion, the signs of legal innovation
are the following:
First, the introduction of innovations into the
legal system of the state;
Secondly, obtaining a specific final innovative
results of this implementation.
Thus, the main difference between innovation
and other novations can be considered
implementation. Scientists mention that
implementation is nothing more than the use
in practice of any research and experiments.
[3]. Representatives of civil law science focus
on the fact that no matter what definitions are
given in the literature to the concept of
"innovation", the main feature is the
connection
with
the
creation
and
implementation
of
new
knowledge,
regardless of the scope of its implementation.
Specialists consider the following conditions
for successful implementation of innovation:
1)
Preliminary preparation of favorable social
foundations;
2)
Providing
effective
demonstration
support;
3)
Active use of examples of successful
application of the novelty, taking into
account the cognitive capabilities of
potential followers. [3].
As a practical example of legal innovation, we
can cite, by analogy with Fintech, the sector of
creating, testing and introducing financial
products
using
IT
technologies
into
commercial practice, the creation by lawyers
of the USA, Great Britain, Canada of Lawtech –
the field of application of IT technologies in
the legal services market. [4].
Specialists define the sphere of legal support
of investment activity as one of the directions
of introduction of IT technologies into the
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legal business. They refer to this area as the
creation of IT integrators independently or in
partnership with other legal practices for a
single point of legal IT startups, investors and
consumers of new software products, the
creation and support of the permanent
functioning of open IT platforms and
permanent
IT
conferences
for
the
development of commercially attractive and
competitive software and hardware solutions
for any tasks and problems that clients can
apply to legal practice. [4].
Exploring the aspect of the innovative
application of investment insurance activities,
it is necessary to determine what type of
innovation can be attributed to legal
innovations in the field of investment
insurance
activities.
According
to
the
investment legislation of our country,
innovations are divided into the following
types:
Product innovation — aimed at the
development
and
implementation
of
technically and technologically new or
improved products (works and services);
Process innovation — aimed at the
development
and
implementation
of
technically and technologically new or
improved production or educational methods,
as well as the implementation of transfer of
technologies;
marketing innovation — aimed at introducing
new or improved methods, covering changes
in the design and packaging of products, the
use of new methods of sales and presentation
of products (works and services), the
formation of new pricing strategies;
Organizational innovation — aimed at
introducing new or improved methods of
organizing and conducting business, creating
jobs and building external relations.
Based on the above types of innovations, it
seems possible to consider legal innovation
with the use of IT technologies in the field of
investment
insurance
activities
as
an
organizational innovation aimed at improving
the methods of conducting an insurance
business.
Experts in the field of innovative application,
depending on the degree of sustainability, the
activity of the implementing entities, their
resources and other factors, at the final stage
determine whether the innovation will
become conceptual or local. They believe that
by
conceptual
innovation
should
be
understood as a fundamental update that
increases the complexity of the system. From
the standpoint of a synergistic approach,
conceptual innovation acts as a factor in the
self-organization of fairly large social groups,
often opposing each other. During this period
of social chaos, there is a branching of the
evolutionary path of the social system, a gap
in the evolutionary continuity of norms and
practices, and subsequently - the "choice" of a
specific development trajectory. By local, they
mean an innovation that gets limited
distribution and does not change the order
parameters of the system. It is local in the
sense that it has a relatively small number of
supporters. An implemented, local or
conceptual innovation gradually turns into an
active tradition and the circle closes. After the
innovation has been implemented in reforms,
it begins to be consolidated in the relevant
rules, norms, structures and functions of the
system. [3].
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In general, the condition of affairs in the field
of innovative application of legal norms,
representatives of legal science conclude that
a paradoxical situation has developed in
jurisprudence, the processes of innovative
development are gaining strength, and there
is not enough research that forms the
necessary
groundwork
and
anticipates
legislative innovations. [5].
However, despite this, it can be concluded
that the innovative application of investment
insurance is regulated mainly by the norms of
civil law. This is due to the fact that innovation
is an economic activity that contains an
intellectual component. From the point of
view of M.V. Volynkina the dynamics of
innovative activity is due to the use of such
civil institutions as objects of civil rights,
subjects, contracts and obligations, the
institution of intellectual property. Each of
these means is designed to create a legal
mechanism for the transition of the innovative
cycle from one stage to another. [5].
It can be considered that innovations in
insurance represent commercial, technical,
financial, organizational and social changes in
society and the state, which entail the
creation of a new insurance product. [6].
Exploring various areas of innovation in the
jurisprudence of foreign countries, experts
pay attention to the fact that one should not
forget about the insurance market and
electronic forms of interaction between
insurers and their clients in terms of the
exchange of claims, protocols of the
occurrence of insured events (especially in
auto insurance). Foreign scientists emphasize
that this is a huge market for lawyers, since
disputes in connection with the purchase of
insurance policies and the payment of
insurance compensation are calculated, for
example, in the UK alone in tens of thousands
annually. [4].
Representatives of legal science focus on the
fact that the economic space is increasingly
being filled by such participants, for whom
innovation is not an accompanying element of
business development, but its goal. They
emphasize that currently a completely new
trend is being formed in the insurance
industry abroad - startups, which in
themselves are an innovation of the insurance
market. They radically change the idea of the
traditional insurance to which everyone is
accustomed, since they offer the market
completely new products and solutions,
distinguished by the originality of the
formation of insurance products, their sales
and even individual operational processes. [7].
The UK and the USA have become the world
leaders in this segment, setting the main
trends in the development of the insurance
services market, offering, distributing and
implementing advanced innovative ideas. [7].
According to the opinion of specialists, the
study of their experience is very useful, since
on its basis it is quite easy to predict the near
future of the insurance market. Taking into
account the current trend in the virtualization
of legal business, the presence of a large
number of software developments and IT-
methods for the provision of legal services in
foreign countries, the applicant considers it
appropriate to propose some measures to
further intensify this area of innovative
application of investment insurance.
Maintaining the stability of the functioning of
insurance
companies,
especially
during
periods of crisis and economic instability,
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requires the development of new sales
channels for insurance products. The use of
the potential information and computer
technologies and information networks
existing on their basis will be very helpful in
expanding the insurance market.
The transfer of most of the insurance
operations to the Internet provides potential
and real clients of insurance companies with a
number of following new opportunities:
Making, without leaving home, a general
idea of the insurance market and the
insurer, its services;
Carrying out an independent calculation of
tariffs using an insurance calculator;
Using online consultations on various
insurance issues;
Assessing the risk in relation to a potential
insurance object;
Submitting
an
application
for
the
conclusion of an insurance contract in
electronic form;
Concluding an insurance contract and
make an insurance premium via the
Internet;
Getting online support for an insurance
contract;
Informing about the occurrence of an
insured event via the Internet.
As a practical implementation
of IT
technologies in the process of investment
insurance activities, we propose to create a
"virtual insurance office" through which the
insurance company selling it will receive the
appropriate fees [8].
In the face of insurance companies using the
indicated
information
and
computer
technologies, the local consumer gets the
opportunity to insure himself without leaving
his computer. A modern website of an
insurance company should provide an
opportunity to choose the desired type of
insurance, fill out a form to calculate the cost
of the insurance policy. You can pay for the
purchase of an insurance policy in real time by
using plastic cards.
The websites of many insurance companies
perform only informational functions, posting
on their pages only general data about the
company and offered insurance products,
sometimes a description of their activities. For
these reasons, many sites of foreign insurers
cannot be considered full-fledged Internet
representations.
Not
many
insurance
companies get to create a full-fledged virtual
office. However, step by step, foreign
insurance companies are expanding the range
of services of their Internet representations.
Scientific analysis of the current affairs in the
field of innovative application of investment
insurance activities allows us to make the
following conclusions:
1)
The preliminary conditions for innovative
activities in investment insurance are the
following:
Features of investment insurance as a
separate type of insurance;
The desire of foreign insurers to make
investment
insurance
more
affordable
through the use of information technology;
The passivity of the majority of local insurers
in the application of information technologies.
2)
The need for innovation in insurance is
determined by the development of new
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information
technologies,
increased
competition not so much on the part of
local insurers, but also on the part of
foreign participants in the insurance
market.
Thus, in the process of studying the innovative
aspect of the development of investments,
one can come to the conclusion that it is
necessary to create a more effective
regulatory and legislative framework, as well
as organizational, economic, financial, tax
infrastructure,
material,
technical
and
informational conditions in this area that are
adequate to modern requirements, to
conduct a more flexible personnel policy in
order to ensure the implementation of state
significant innovation priorities.
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