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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of May 11, 2016 No. 239

About questions of activities of insurance brokers in the Kyrgyz Republic

For the purpose of regulation of activities of insurance brokers, in compliance with the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Regulations on activities of insurance brokers in the Kyrgyz Republic according to appendix 1.

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of Provisional regulations for licensing of separate types of activity in the field of the non-bank financial market" of July 15, 2015 No. 497 the following changes and amendment:

in Provisional regulations for the licensing of separate types of activity in the field of the non-bank financial market approved by the above-stated resolution:

- in all text:

" (for newly created insurance companies)" to exclude words;

" (for the newly created insurance (reinsurance) organizations)" to exclude words;

- state item 4 in the following edition:

"4. The application is submitted for receipt of the license in writing, specified in appendix 1.

The license for implementation of the types of activity specified in Item 2 of these Provisional regulations is issued in the form specified in appendix 2.";

- in Item 31 of the text in official language:

" (in the presence of the Board of directors in newly created insurance company)" to exclude words;

add with the paragraph the eighth the following content:

"-conditions (rule) of insurance;";

- add with Chapter 8-1 of the following content:

"8-1. Features of licensing of activities of insurance brokers

32-1. The license for activities of insurance brokers is termless and acts on all territory of the Kyrgyz Republic.

32-2. Licensed activity of insurance brokers is connected with implementation of intermediary activities for insurance on its own behalf based on orders of the insurer or insurer.

32-3. For receipt of the license for activities of insurance broker the following documents shall be submitted:

- the statement of the established form;

- copy of the certificate on state registration of the legal entity;

- the copy of the document confirming introduction of the license fee for consideration of the application and licensing;

- copies of the foundation agreement or decision of the single founder, charter of insurance broker, protocol of meeting of founders on adoption of the charter and statement of officials of executive body of insurance broker and chief accountant;

- the certificate of the size of the paid authorized capital;

- the list of officials of insurance broker, with indication of surname, name, middle name and the residential address of each person, and documents confirming their compliance to level of the established qualification requirements;

- the documents confirming the education level, the service record and documents confirming compliance of qualification of the chief accountant to level of the established qualification requirements to position of the chief accountant;

- the decision of relevant organ of the foreign company on its participation in creation of insurance broker in the territory of the Kyrgyz Republic (for the foreign company);

- the written confirmation of authorized body of the corresponding foreign state legalized in accordance with the established procedure that this foreign company - the founder is registered as the legal entity in this state and has the current license on implementation of broker activities, with indication of types of broker activities, and also provision of the published balances for three previous years and audit opinion (for foreign insurance company).";

- to replace appendix to the above-stated Provisional regulations with appendices 1 and 2 in edition according to appendix 2.

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