The international law firm SIMMONS & SIMMONS and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by SIMMONS & SIMMONS are to be funded through a technical assistance grant provided by the Islamic Development Bank (IDB).

According to the data of Kyrgyz Financial Supervisory Commission (FSC), in 2013 total premium written by the local insurance companies amounted to KGS 967.8 million (EUR 14.29 million) which is 15.2%, more, in local currency, than in the previous year, when insurance premiums totaled KGS 840.10 million or EUR 13.41 million. Growth of insurance premiums suggests that population's trust in insurance companies have increased.

According to the Kyrgyz Financial Supervisory Commission (FSC) data, in January-April 2012 total premium written by the local insurance companies amounted to KGS 106.8 million (EUR 1.54 million) which is 13.5% more, in local currency, than in the corresponding period of the previous year. Claims paid reached KGS 11.3 million (EUR 0.16 million), which in local currency means an y-o-y increase of 7.6%.

Kyrgyzstan's Government initiated a draft law, proposed for public debate, regarding the set-up of a reinsurance company, "KYRGYZ-English Reinsurance Company", noted a newsletter published by the Government, according to website Knews.ru.

Malaysian investors are ready to open insurance company working in accordance with Islamic principles in Kyrgyzstan. Kyrgyz National Bank's (NB) Foreign Affairs and PR Department reports concluding meeting of NB president Zina Asankozhoeva with Malaysian Ambassador in Kyrgyzstan Abdul Aziz bin Kharun.

In this article we will consider the licensing of insurance activities in the Kyrgyz Republic under the current legislation. The Civil Code of the Kyrgyz Republic, Licensing Law, Law on Insurance Procedure in Kyrgyzstan, and the Regulation on licensing of certain activities are the main statutory and legal acts regulating both the insurance activities and licensing of insurance activities.

On 31 October, 2011, Kyrgyzinstrakh Insurance, in which Ingosstrakh Insurance Company has a share, commemorates 15 years since its foundation.

"In Kyrgyzstan, the Ministry of Internal Affairs (MVD) allows private insurance companies to cash in on carriers of petroleum products," the head of the Oil Traders Association Zhumakadyr Akeneev told a news conference today.

According to Financial Supervisory Commission, on the 30th September, insurance premium revenues were about KGS 632 million (EUR 10.4 million), or 44% (in European currency) more than the same period in 2010.