On October 21, 2024, the Social Policy Committee of the Zhogorku Kenesh of the Kyrgyz Republic approved in the first reading the draft Law of the Kyrgyz Republic "On insurance and insurance activities" in a new edition.

It was developed by the regulator (Finnadzor) in order to bring insurance into line with the requirements of the principles of the International Association of Insurance Supervision (IAIS), the Service for regulation and supervision of the financial market of Kyrgyzstan reports.

The draft Law provides for:

- Formation of an information base;

- Conclusion of insurance contracts in electronic form;

- Unified state register of insurance market entities;

- New types of insurance (takaful, imputed and annuity insurance).

It is noted that formation of an automated information base will allow for the exchange of information between insurance entities. In addition, actuaries, insurance brokers will be required to register in the Unified State Register of Insurance Market Entities to carry out insurance activities. This will improve transparency and efficiency in the insurance market, which will lead to increased confidence of customers and investors, and further development of the insurance market, as well as improved customer service and better competitiveness of the insurance market, the regulator added.