"Compulsory insurance of property is divided into two types: for city
and for village. The minimum sum for a village is 600 soms per year,
and for city - 1,200 soms," the Chairman of the State Service for
Regulation and Supervision over the Financial Market Sanzhar Mukanbetov
said at a press conference.
Insurance companies will be able to insure all car owners in a short
time. Deputy Director General of ATM Polis Ernis Abdykeev told today at a
press conference in Kabar Agency. According to him, at the
moment insurance companies are working hard so that in a short time to
give everyone insurance policy. "We think that we can promptly issue
insurance policies to our drivers," said Abdykeev.
Compulsory motor third party liability insurance tariffs are still not approved in Kyrgyzstan. Senior inspector of administrative practices of the Road Patrol Service under the Ministry of Internal Affairs Nur Satybaldyev told 24.kg news agency.
The Ministry of Economy proposes to create State Reinsurance Company
JSC. A draft resolution was posted on the website of the government for
public discussion. The State Property Management Fund was
instructed to act as JSC founder by forming its charter capital in the
amount of 200 million soms.
The international agencies have assigned a credit rating to Kyrgyzstan
for the first time. The Ministry of Economy of the Kyrgyz Republic
reported. According to him, the country has received sovereign
B2/ Stable and B credit ratings from Moody's Investors Service and
Standard & Poor's. Note, that large international investors, before
coming to the country, study its economic situation exactly according to
the ratings. Assigning of credit ratings to the country has impact on
the commercial banks and enterprises. Based on it, the banks and other
financial intermediaries make decisions on lending, transactions in the
money market, insurance, leasing and other situations that require
assessment of the solvency of a business partner.
The Law on Compulsory motor third party liability insurance (MTPL) in Kyrgyzstan will come into force at the beginning of 2016, stated Sanzhar MUKANBETOV, Chairman of the State Service for Regulation and Supervision of the Financial Market.
Kyrgyz Parliament offered to create state insurance company, the deputy
Dastan Bekeshev said today at a meeting of the committee on economic and
According to the Kyrgyz Financial Supervisory Commission's data, in January-September 2014, the total premiums written by the local insurance companies amounted to KGS 880.98 million, while claims paid totaled KGS 111.31 million.
Cost of compulsory health insurance policy for foreign citizens and
stateless persons residing in Kyrgyzstan is approved, the press service
of the Compulsory Health Insurance Fund (HIF) reports. According
to it, the agency has made calculations, the cost of the policy is
approved in the amount of 1,012 soms per month and 12,149 soms a year.
Cost is agreed with the State Agency of antimonopoly regulation of the
Government of the Kyrgyz Republic.
In October, revenues from insurance premiums amounted to 1.8 billion soms. It is reported by the Social Fund of the Kyrgyz Republic.
Insurance payments in Kyrgyzstan amounted to 25.2 million soms since the
beginning of 2014, the State Financial Supervision of the KR reports.
According to the agency, it decreased by 49.6 percent compared with
The international law firm SIMMONS & SIMMONS and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by SIMMONS & SIMMONS are to be funded through a technical assistance grant provided by the Islamic Development Bank (IDB).
According to the data of Kyrgyz Financial Supervisory Commission (FSC), in 2013 total premium written by the local insurance companies amounted to KGS 967.8 million (EUR 14.29 million) which is 15.2%, more, in local currency, than in the previous year, when insurance premiums totaled KGS 840.10 million or EUR 13.41 million. Growth of insurance premiums suggests that population's trust in insurance companies have increased.
According to the Kyrgyz Financial Supervisory Commission (FSC) data, in January-April 2012 total premium written by the local insurance companies amounted to KGS 106.8 million (EUR 1.54 million) which is 13.5% more, in local currency, than in the corresponding period of the previous year. Claims paid reached KGS 11.3 million (EUR 0.16 million), which in local currency means an y-o-y increase of 7.6%.
Kyrgyzstan's Government initiated a draft law, proposed for public debate, regarding the set-up of a reinsurance company, "KYRGYZ-English Reinsurance Company", noted a newsletter published by the Government, according to website Knews.ru.
Malaysian investors are ready to open insurance company working in accordance with Islamic principles in Kyrgyzstan. Kyrgyz National Bank's (NB) Foreign Affairs and PR Department reports concluding meeting of NB president Zina Asankozhoeva with Malaysian Ambassador in Kyrgyzstan Abdul Aziz bin Kharun.
In this article we will consider the licensing of insurance activities in the Kyrgyz Republic under the current legislation. The Civil Code of the Kyrgyz Republic, Licensing Law, Law on Insurance Procedure in Kyrgyzstan, and the Regulation on licensing of certain activities are the main statutory and legal acts regulating both the insurance activities and licensing of insurance activities.
On 31 October, 2011, Kyrgyzinstrakh Insurance, in which Ingosstrakh Insurance Company has a share, commemorates 15 years since its foundation.
"In Kyrgyzstan, the Ministry of Internal Affairs (MVD) allows private insurance companies to cash in on carriers of petroleum products," the head of the Oil Traders Association Zhumakadyr Akeneev told a news conference today.
According to Financial Supervisory Commission, on the 30th September, insurance premium revenues were about KGS 632 million (EUR 10.4 million), or 44% (in European currency) more than the same period in 2010.