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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 13, 2020 No. 562

About temporary measures of regulation of activities of insurance companies of the Kyrgyz Republic

Due to the situation which developed because of COVID-19, pandemic for the purpose of preserving stability and financial stability of insurance companies of the Kyrgyz Republic according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Suspend the paragraph of the tenth subitem 3 of Item 5 of the Instruction on prudential standard rates for the insurance (reinsurance) organization approved by the order of the Government of the Kyrgyz Republic of September 4, 2018 No. 417, from March 1 to December 31, 2020.

2. Establish the following temporary requirements to the standard rate of the current solvency of the insurance (reinsurance) organization:

- from March 1 to September 1, 2020 - 0,3 suffices;

- from September 1 to December 31, 2020 - 0,5 suffices.

3. This resolution is subject to official publication and becomes effective since March 1, 2020.

Prime Minister of the Kyrgyz Republic

S. Zhaparov

 

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