KYRGYZSTAN: law on compulsory MTPL insurance will come into force on February 7, 2019

25 January 2019 — Marina MAGNAVAL
On February 7, 2019 the law on compulsory MTPL insurance will come into force in Kyrgyzstan, as the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic informed.

The average premium amount will be equal to KGS 2,210 (~EUR 28) per year and the maximal premium amount will be around KGS 6,500 (~EUR 82). According to Nurlan BAYBOSUNOV, a member of the executive board of the State Service for Regulation and Supervision of the Financial Market, in order to prevent dissatisfaction of the local car drivers, it is proposed to provide them with a transition period until August 7, 2019. Thus, they will have an opportunity to choose an appropriate insurance company, and during the mentioned period no penalties for absence of MTPL policies will be imposed.

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