In a move to boost the national insurance market of Kyrgyzstan and enhance consumer trust, the President signed a decree aimed at creating economic conditions for compensating damages related to harm caused to the life, health, and property of policyholders.
The decree instructs state bodies, local self-government bodies, state and municipal enterprises, and companies where the state owns 50% or more of the share capital to ensure insurance of assets and civil liability in the State Insurance Organization (GSO). It also mandates budget allocation for insurance expenses annually.
Additionally, the Cabinet of Ministers has been tasked to designate GSO as the national operator for reinsurance, including export risks, in cooperation with the Eurasian Reinsurance Company. They are also responsible for arranging the placement of GSO and its branches in state buildings, allocating funds for increasing GSO's charter capital, and overseeing the implementation of the Law on Mandatory Insurance of Residential Property against Fire and Natural Disasters.
Furthermore, the decree outlines the requirement for mandatory insurance contracts with GSO for pledged property, real estate transactions, vehicle registrations, and ownership rights. The Ministry of Finance will take over the government's shareholder responsibilities in GSO from the State Property Management Agency.
The decree recommends GSO to provide insurance for the assets and civil liability of state bodies, local self-government bodies, state and municipal enterprises, and companies mentioned in the decree.
