LAW OF THE KYRGYZ REPUBLIC

of May 28, 2015 No. 122

About modification and amendments in some legal acts of the Kyrgyz Republic

Accepted by Jogorku Kenesh of the Kyrgyz Republic on May 6, 2015

Article 1. Bring in the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1998, No. 12, the Art. 505) the following changes and amendments:

1. In Article 3:

the twenty first to state the paragraph in the following edition:

"insurance broker - the legal entity performing intermediary activities for insurance on its own behalf based on orders of the insurer or insurer after receipt of the corresponding license;";

add Article with the paragraph the twenty fifth the following content:

"the actuary - the physical person having the corresponding license for implementation of actuarial activities.".

2. Add the law with Articles 9-1 and 9-2 of the following content:

"Article 9-1. Insurance brokers

1. Insurance brokers can perform the activities connected with insurance, reinsurance only after receipt of the corresponding license.

2. Requirements imposed to activities of insurance broker, creation, forming of the authorized capital of insurance broker are established by the Government of the Kyrgyz Republic.

3. Foreign insurance brokers can perform activities in the territory of the Kyrgyz Republic after recognition of the corresponding license granted by authorized bodies of foreign states according to the procedure, determined by the legislation of the Kyrgyz Republic in the field of licensing of separate types of activity.

Article 9-2. Actuarial activities

1. Task of the actuary is implementation of economic-mathematical calculations of the sizes of obligations for voluntary and obligatory types of insurance for the purpose of ensuring necessary level of financial stability and solvency of the insurance (reinsurance) organization.

2. Actuarial activities include provision of the following services:

1) development of methodology of calculation and economic case of insurance rates on voluntary and obligatory types of insurance;

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