KYRGYZSTAN: e-MTPL policy would allow to purchase insurance faster

19 October 2023 — Marina MAGNAVAL
The State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic (Gosfinnadzor) proposes to legalize issuance of an electronic MTPL policy. This is because from January 1, 2024, owners of private vehicles will begin to be fined for lack of insurance, writes.

Introduction of fines was postponed for several years, although purchase of insurance policies has been considered mandatory in Kyrgyzstan since 2015. According to Gosfinnadzor statistics for 2022, there were 1,113,030 registered private vehicles in the country, and the owners of only 27,821 vehicles purchased MTPL policies in the first six months of 2023.

Basic insurance policy costs KGS 1,680 per year (~EUR 18). Legal entities that have not purchased MTPL policies for their vehicles have already begun to be fined from April 1, 2023.