On March 20, 2025, the draft Law of the Kyrgyz Republic "On Insurance and Insurance Activities" in a new version, developed by the Financial Supervision Authority in order to update and harmonize the insurance legislation, was adopted in the third reading, according to the website of the State Financial Supervision Authority.

The draft Law is aimed at ensuring compliance with the basic principles of insurance and methodology developed by the International Association of Insurance Supervisors (IAIS), considering modern challenges and trends in the insurance industry.

The main objectives of updating the draft Law are strengthening financial stability of insurance companies, increasing their transparency and responsibility, ensuring a high level of protection of the rights and interests of policyholders, promoting development of a competitive and innovative insurance industry.

The draft Law also provides for strengthening the mechanisms of insurance supervision and control, as well as establishing measures of financial liability for violations of insurance legislation.