On July 12 the State service for regulations and supervision held a conference devoted to the activity results during the first half of the year and future perspectives, as the regulator informed on the official website.
Initiated by the World Bank, a technical knowledge exchange meeting was held in Bucharest with PAID Romania representatives and a delegation consisting of high-level representatives of the insurance market and the Kyrgyz parliament, on the topic of the Romanian experience in building a compulsory home insurance scheme.
Total profit for the 1st quarter 2018 amounted to KGS 58.2 million. "Out of 21 insurance companies of the market, profit was generated by 10 companies", - informed the National statistics committee.
In May the Association of the Kyrgyz Insurers conducted an annual meeting, dedicated to discussion of the last year result. According to the participants of the meeting in 2017 the local market was developing gradually and the insurance volume growth amounted to 12.5 %.
At the end of 2017, the Kyrgyz Republic insurance market totalled about KGS 1.06 billion (about EUR 13 million), according to the end-year market figures published on the market authority website.
MP Almazbek Ergeshov (Kyrgyzstan) has proposed to introduce vehicle liability insurance since January 1, 2018, one year earlier than planned.
The law on insurance of housing should be executed, member of the Parliament Ainura Altybaeva (SDPK party) said at the session of the Parliament.
Kyrgyz President Almazbek Atambayev signed the Law "On Amendments to the
Law" On mandatory insurance of civil liability of vehicle owners", the
Kyrgyz President's press service reports.
The Parliament of Kyrgyzstan on June 30 passed the amendments to the law on mandatory liability car insurance that delay introduction of the requirement for 3 years - until February 7, 2019.
Total assets of 18 existing insurance companies in Kyrgyzstan have increased by 19.3%.
Kyrgyz entrepreneurs mentioned the high rates of insurance premiums,
unjustified inspections and corruption among their main problems. They
stated it at the round table in the Chamber of Commerce of the Kyrgyz
The State Insurance Company of Kyrgyzstan has begun insurance of housing
against fire and natural disasters. The first who made it was the Prime
Minister Temir Sariev.
In 2015, the volume of insurance payments halved, the board chairman of
the State Service for Supervision over the Financial Market Sanzhar
Mukanbetov said today at a meeting.
Basis Compulsory Motor Third Party Liability (CMTPL) insurance premium is totally unfounded. A lawyer Iskender Elakunov said today at a round table discussion "Auto insurance: project with egregious blunders, aimed at protection of narrow group of interests."
"Compulsory insurance of property is divided into two types: for city
and for village. The minimum sum for a village is 600 soms per year,
and for city - 1,200 soms," the Chairman of the State Service for
Regulation and Supervision over the Financial Market Sanzhar Mukanbetov
said at a press conference.
Insurance companies will be able to insure all car owners in a short
time. Deputy Director General of ATM Polis Ernis Abdykeev told today at a
press conference in Kabar Agency. According to him, at the
moment insurance companies are working hard so that in a short time to
give everyone insurance policy. "We think that we can promptly issue
insurance policies to our drivers," said Abdykeev.
Compulsory motor third party liability insurance tariffs are still not approved in Kyrgyzstan. Senior inspector of administrative practices of the Road Patrol Service under the Ministry of Internal Affairs Nur Satybaldyev told 24.kg news agency.
The Ministry of Economy proposes to create State Reinsurance Company
JSC. A draft resolution was posted on the website of the government for
public discussion. The State Property Management Fund was
instructed to act as JSC founder by forming its charter capital in the
amount of 200 million soms.
The international agencies have assigned a credit rating to Kyrgyzstan
for the first time. The Ministry of Economy of the Kyrgyz Republic
reported. According to him, the country has received sovereign
B2/ Stable and B credit ratings from Moody's Investors Service and
Standard & Poor's. Note, that large international investors, before
coming to the country, study its economic situation exactly according to
the ratings. Assigning of credit ratings to the country has impact on
the commercial banks and enterprises. Based on it, the banks and other
financial intermediaries make decisions on lending, transactions in the
money market, insurance, leasing and other situations that require
assessment of the solvency of a business partner.
The Law on Compulsory motor third party liability insurance (MTPL) in Kyrgyzstan will come into force at the beginning of 2016, stated Sanzhar MUKANBETOV, Chairman of the State Service for Regulation and Supervision of the Financial Market.