of April 29, 2025 No. 90
About modification of some legal acts of the Kyrgyz Republic (in the Civil code of the Kyrgyz Republic, the Code of the Kyrgyz Republic about the non-tax income, the Law of the Kyrgyz Republic "About licensed authorization system in the Kyrgyz Republic")
Bring in part I of the Civil code of the Kyrgyz Republic (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1996, No. 6, the Art. 80) the following changes:
Article 96 to add 1) with Item 5 of the following content:
"5. Liquidation of the insurance (reinsurance) organization is made after approval of authorized state body on regulation and supervision of insurance activity.";
Item 1 of Article 149 to add 2) with the paragraph of the following content:
"Reorganization of the insurance (reinsurance) organization is made after approval of authorized state body on regulation and supervision of insurance activity.".
Bring in part II of the Civil code of the Kyrgyz Republic (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1998, No. 6, the Art. 226) the following change:
add with Article 921-1 of the following content:
"Article 921-1. Islamic insurance
1. The agreement of Islamic insurance is the insurance contract signed according to paragraph 2 of this Chapter and the legislation in insurance field.
2. The insurance premium paid by the insurer under the agreement of Islamic insurance, and also income gained as a result of investment of insurance premiums is subject to transfer by the insurer in the Islamic insurance fund created by the insurer for implementation of insurance payments to insurers (beneficiaries) for agreements of Islamic insurance.
3. The insurance premiums got by the insurer under the agreement of Islamic insurance and also other property constituting Islamic insurance fund do not belong to the insurer on the property right.
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