Legal nature of insurance relationships and their theoretical foundations

This paper presents a theoretical-conceptual analysis of the legal nature of insurance as an institution. The study examines the historical evolution of insurance relationships and their transformation in modern economic systems with particular focus on Uzbekistan’s regulatory framework. Insurance is analyzed as a multifaceted phenomenon with economic, legal, and social dimensions. The research explores fundamental concepts including insurance functions, forms, classifications, and their regulatory implications. Special attention is given to the development of insurance legislation in Uzbekistan since independence, divided into three distinct periods (1991-2001, 2002-2020, 2021-present), highlighting significant regulatory shifts and institutional changes. The paper identifies the dual nature of insurance as both a protective mechanism and an economic relationship, reflected in various legislative approaches. By synthesizing perspectives from legal scholars and economists, the study contributes to a comprehensive understanding of insurance as a legal institution, its distinctive characteristics, and theoretical foundations. The findings reveal that while insurance functions primarily as a risk distribution mechanism, its legal framework encompasses both public and private law elements, creating a complex regulatory landscape that continues to evolve in response to market developments and international standards.