ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of April 15, 2013 No. 194

About approval of the Concept of development of the insurance market in the Kyrgyz Republic for 2013-2017

For the purpose of further development of the insurance market in the Kyrgyz Republic the Government of the Kyrgyz Republic decides:

1. Approve enclosed:

- The concept of development of the insurance market in the Kyrgyz Republic for 2013-2017;

- The actions plan on implementation of the Concept of development of the insurance market in the Kyrgyz Republic for 2013-2017 (further - the Actions plan).

2. To the ministries and administrative departments involved in implementation of the Actions plan:

- take exhaustive measures for ensuring accomplishment of the Actions plan at the scheduled time;

- annually, till January 25 of the year following reporting to provide information on the course of implementation of the Actions plan in Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic.

3. To public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic to carry out monitoring and annually, till February 5, to provide information on the course of implementation of the Actions plan in Government office of the Kyrgyz Republic.

5. To impose control of execution of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

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

Approved by the Order of the Government of the Kyrgyz Republic of April 15, 2013 No. 194

The concept of development of the insurance market in the Kyrgyz Republic for 2013-2017

Introduction

This Concept of development of the insurance market in the Kyrgyz Republic for 2013-2017 (further - the Concept) is developed for the purpose of further development of insurance in the Kyrgyz Republic, ensuring insurance protection of citizens and legal entities, and also determinations:

- approaches of state regulation of the insurance market;

- priority directions of development of the insurance market;

- necessary measures for realization of the priority directions of development of the insurance market.

For the purpose of activization of reforms of the financial market, enhancement of activities of financial system of the republic and development of measures for maintenance of its stability, further strengthening of state regulation and supervision of non-bank financial institutions, the security market, accounting standards and auditor activities the Presidential decree of the Kyrgyz Republic "About formation of the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic" of September 30, 2005 No. 419 forms the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic (further - the Agency). Due to the changes of structure of the Government of the Kyrgyz Republic according to the Presidential decree of the Kyrgyz Republic "About organizational measures for realization of provisions of the Law of the Kyrgyz Republic "About structure of the Government of the Kyrgyz Republic" of March 16, 2007 No. 96 the agency was transformed to Service of supervision and regulation of the financial market of the Kyrgyz Republic. Now according to the order of the Government of the Kyrgyz Republic "About state bodies under the Government of the Kyrgyz Republic and other organizations under the authority of the Government of the Kyrgyz Republic" of January 12, 2012 No. 12 under the Government and in its subordination is effective Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic (further - the authorized state body exercising regulation and supervision of insurance activity). The official site of the authorized state body exercising regulation and supervision of insurance activity is created: www.fsa.kg.

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