According to the amendments, vehicle owners are required to conclude civil liability insurance contracts in accordance with the MTPL legislation.
Compulsory insurance of residential premises against fires and natural disasters has also been introduced when registering rights to real estate. In addition, according to the amendments, in cases where a pledger is required by law or agreement to insure property, the pledge will apply to the rights under an insurance policy. A pledgee will be able to receive payments directly from an insurance company without the pledger’s consent.
The Cabinet of Ministers of the Kyrgyz Republic and the National Bank have been instructed to bring regulatory legal acts into line with the new law within six months, the source added.
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