KYRGYZSTAN: the law on MTPL for regular car owners to come into force on January 1, 2022

14 July 2020 — Marina MAGNAVAL
This year the law on mandatory third-party liability insurance (MTPL) in Kyrgyzstan begins to be applied to foreigners who own cars too.

For legal entities, including state and municipal organizations, trucks and those who provide passenger transportation services, it will enter into force on January 1, 2021, while for individuals (regular car owners) - on January 1, 2022, as the news agency Sputnik informed.

According to the National Statistical committee, for 1Q2020, 665 MTPL contracts were concluded for total insurance amount of KGS 1.78 billion (~EUR 12 million*). At that, total volume of premiums reached KGS 5.8 million and paid claims - KGS 1.3 million.

As the Chairman of the State service on regulation and supervision of the financial market of Kyrgyzstan, Arzybek KOZHOSHEV noted, introduction of MTPL will significantly reduce the number of accidents and increase drivers' liability. "(...) we will explain all the advantages of the law, and for this purpose a decision was made to introduce this insurance in stages so that Kyrgyzstanis gradually get understanding of importance of this law introduction", the head of the supervisory authority said.

As of the beginning of December 2019, over 1.3 million vehicles were registered in Kyrgyzstan.

* for the following exchange rate:

1 EUR = 90.2474 KGS (as of 01.04.2020)

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