The State Property Management Fund was instructed to act as JSC founder by forming its charter capital in the amount of 200 million soms.
"In connection with the adoption of the law On compulsory insurance of living accommodations against fire and natural disasters and the law On compulsory insurance of civil liability of owners of vehicles, the volume of insurance premiums in 2016 may increase 2 times, and will amount approximately to 2 billion soms . The amount of premiums, transferred abroad will be 1.3 billion soms. In this regard, it necessary to create a state reinsurance company in order to reduce the amount of insurance premiums transferred abroad. Significant assets could remain in the country and would be invested in the economy. So the state's responsibility to the public for insurance payments and premiums, which will be collected by the insurance companies, becomes a topical issue," background statement says.
The Economy Ministry added that the government will consider the issue of fundraising for the payment of the initial authorized capital of the JSC when making amendments to the law of the Kyrgyz Republic On the republican budget for 2015 and forecast for 2016-2017. Read the full story KYRGYZSTAN plans to create state reinsurance company
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