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RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of April 25, 2023 No. 226

About approval of the Regulations on insurance pool of compulsory insurance of premises from the fire and natural disasters

For the purpose of realization of part 1 of article 18 of the Law of the Kyrgyz Republic "About compulsory insurance of premises from the fire and natural disasters", according to articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve Regulations on insurance pool of compulsory insurance of premises from the fire and natural disasters according to appendix.

2. This resolution becomes effective after fifteen days from the date of official publication.

Chairman of the Cabinet of Ministers of the Kyrgyz Republic

A. Zhaparov

Appendix

to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of April 25, 2023 No. 226

Regulations on insurance pool of compulsory insurance of premises from the fire and natural disasters

1. General provisions

1. This Provision is developed according to the Law of the Kyrgyz Republic "About compulsory insurance of premises from the fire and natural disasters" (further - the Law) and establishes rules of management and functioning of insurance pool of compulsory insurance of premises from the fire and natural disasters, procedure, conditions of connection and the size of sales charge for provision of access to the Unified information system of insurance pool, form of the agreement and requirement for the entry of insurance companies in insurance pool, and also the organization of reinsurance of the accepted risks according to the program of reinsurance of insurance pool.

2. In this Provision the following concepts are used:

1) the Unified information system of insurance pool (further - EIS) - set of information, information technologies and technical means which create perform transactions selling policies of compulsory insurance, and also process, store and provide information on compulsory insurance of premises from the fire and natural disasters, including without limitation information on the signed insurance contracts, the notification on insured events, statements for insurance payments, the paid insurance indemnities and refusals in insurance payment;

2) insurance pool on compulsory insurance of premises from the fire and natural disasters (further - insurance pool) - merging of the insurers, not being the legal entity and created for the purpose of program implementation of compulsory insurance of premises from the fire and natural disasters;

3) the agreement on insurance pool - the agreement (agreement) on joint activities (about particular partnership) signed between participants of insurance pool in writing;

4) the zone CRESTA (Catastrophe Risk Evaluating and Standardizing) (Assessment and standardization of risks of catastrophic crashes) - the most widely used standard of aggregation of geographical data in world insurance industry. By means of CRESTA of zones it is possible to estimate distribution of insured objects in certain area or in the country for more careful risks assessment;

5) the agreement of reinsurance is agreement between insurance companies and/or the reinsurance companies (brokers) according to which the reinsurer shall report, and the overcautious person to accept in reinsurance risks in which reinsurance methods, limits of responsibility, share of participation of the overcautious person are provided in the agreement, forms of calculation of awards for losses, etc.;

6) cross subsidizing - compensation of the insufficient amount of insurance premiums for risks reinsurance of insurance pool at the expense of means of his participants or other means;

7) managing company of insurance pool (further - managing company) - the executive body chosen by participants of insurance pool.

3. Activities of insurance pool are regulated by the legislation of the Kyrgyz Republic on compulsory insurance of premises from the fire and natural disasters. The insurance pool is created without restriction of term of activities for effective period and acts on the basis of the agreements (agreement) on insurance pool (further - the Agreement).

4. Agreements of compulsory insurance of premises from the fire and natural disasters (further - the agreement of compulsory insurance) consist participants of insurance pool by the single rules of insurance and insurance rates approved by the Cabinet of Ministers of the Kyrgyz Republic.

5. The insurance pool does not answer for the obligations participants of pool arising outside activities of pool, and participants of insurance pool do not bear responsibility according to obligations of other his participants outside activities of pool.

6. Insurance companies - participants of insurance pool bear responsibility on obligation fulfillment under the agreements of compulsory insurance signed within insurance pool.

2. Purpose and principles of insurance pool

7. The purpose of creation of insurance pool is implementation of the above-stated Law, the guaranteed obligation fulfillment of insurance pool in full on the terms of joint liability of his participants and the organization of effective reinsurance protection of insurance risks of insurance pool.

8. The insurance pool builds the activities on the following principles:

- providing the equal rights for all participants of insurance pool and non-admission of any discrimination or infringement of the rights of participants of insurance pool when implementing of compulsory insurance of premises by them from the fire and natural disasters;

- implementation of sales of policies of compulsory insurance through EIS;

- timely payment of sales charge for provision of access to EIS for covering of operating expenses of this system;

- the organization of reinsurance of the insurance risks transferred to insurance pool according to the program of reinsurance approved by authorized state body in the sphere of regulation and supervision of insurance activity;

- the organization of timely payment of reinsurance awards by participants of insurance pool within the program of reinsurance;

- if necessary cross subsidizing of acquisition of reinsurance protection, in case of insufficiency of the insurance premiums which arrived on compulsory insurance of premises from the fires and natural disasters;

- joint liability of participants of pool on obligation fulfillment under the agreements of compulsory insurance of premises from the fire and natural disasters signed on behalf of participants of insurance pool;

- non-admission of unreasonable restriction (reduction) of responsibility of participants of insurance pool on agreements of compulsory insurance of premises from the fire and natural disasters;

- forming of reliable data in EIS;

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