PRESIDENTIAL DECREE OF THE KYRGYZ REPUBLIC

of March 20, 2024 unitary enterprise No. 79

About measures for development of the insurance market of the Kyrgyz Republic

For the purpose of development of the national insurance market of the Kyrgyz Republic, increase in consumer confidence to the insurance market, I decide creations of economic conditions for compensation of the damage connected with damnification of life, to health, property of insurers (beneficiaries) according to article 71 of the Constitution of the Kyrgyz Republic:

1. To state bodies, local government bodies, the state and municipal companies, economic societies where 50 and more percent of share in the authorized capital belong to the state, including their affiliated economic societies:

1) to provide insurance of the property which is on balance and the civil responsibility in State Insurance Company open joint stock company (further - JSC GSO);

2) in case of annual forming of the budgets to provide financing of expenses on insurance of the property which is on balance and the civil responsibility.

2. To the Cabinet of Ministers of the Kyrgyz Republic:

1) to determine JSC GSO the national operator by reinsurance, including export risks within interaction with the Eurasian reinsurance company;

2) together with Administration of the President of the Kyrgyz Republic and local government bodies to resolve issue of placement of JSC GSO and its branches in the state buildings on terms of the contract of free use with payment of utility and operating expenses;

3) to find and allocate money in the amount of 150000000 (hundred fifty million) som for increase in the authorized capital of JSC GSO in 2024;

In accordance with the established procedure till 2028 to find 4) and step by step to allocate JSC GSO money in the amount of 5150000000 (five billion hundred fifty million) som for increase in the authorized capital according to the schedule developed by authorized state body on forecasting and budget implementation;

The annual net profit in the amount of 100 percent got from activities of JSC GSO to direct 5) till 2027 to increase in the authorized capital for the appropriation account of budget incomes and/or expenses;

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