ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 1, 2016 No. 292

About approval of the minimum sizes of the authorized capital for the insurance (reinsurance) organizations and insurance (reinsurance) brokers

For the purpose of strengthening of financial stability and reliability of the insurance (reinsurance) organizations and insurance (reinsurance) brokers, according to articles 7 and 9-1 of the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic", articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Establish requirements to the minimum size of the authorized capital for:

- the insurance company performing activities for voluntary types of insurance and/or reinsurance, except for accumulative life insurance in the amount of at least 30000000 (thirty million) som;

- the insurance company performing activities for voluntary and obligatory types of insurance and reinsurance including accumulative life insurance, in the amount of at least 100000000 (hundred million) som till January 1, 2017, and since July 1, 2017 - at least 150000000 (hundred fifty million) som;

- the insurance company performing activities only for reinsurance in the amount of at least 300000000 (three hundred million) som till July 1, 2017;

- the insurance company performing activities only for reinsurance in the territory of free economic zones in the Kyrgyz Republic in the amount of at least 100000000 (hundred million) som;

- insurance (reinsurance) the broker in the amount of at least 1000000 (one million) som.

2. Declare invalid the order of the Government of the Kyrgyz Republic "About approval of the minimum sizes of the authorized capital for insurance companies" of November 25, 2010 No. 300.

3. This resolution becomes effective after thirty days from the date of official publication.

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