Kyrgyzstan Insurance Industry – Governance, Risk and Compliance

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The FSA (Financial Service Authority) governs the insurance and reinsurance activities in Kyrgyzstan. Its main objective is to strengthen the country’s insurance. The main functions and objectives of the FSA are to receive established reports on insurance activity and financial information from insurers, also to initiate the liquidation of insurance organizations in the case of insolvency according to the law on bankruptcy, and to check insurers’ compliance with Kyrgyz insurance law, as well as the authenticity of their submitted reports and to supervise the activity of insurance organizations, in accordance with established Kyrgyz procedure.

What are the different types of licenses issued by the regulatory authority to carry out insurance activities?

The different types of licenses issued by the regulatory authority to carry out insurance activities are:

  • Life insurance license
  • Non-life insurance license
  • Reinsurance license
  • License for intermediaries, including agents and brokers

Reinsurance companies sell policies to insurers to protect them from the risk of unexpected financial losses. Reinsurers are required to obtain the required license from the FSA for operations in the country. Insurers cannot operate as reinsurers under the same license. Whereas intermediaries are the retail side of the industry, positioned between the insurer and the insured. An intermediary market solicits or negotiates insurance contracts with customers on behalf of insurance companies in return for compensation. Intermediaries also counsel customers and provide advice on various insurance products. In the Kyrgyzstan insurance industry, agents and brokers act as intermediaries between the insurer and insured.

Kyrgyzstan insurance industry, by license type

Kyrgyzstan insurance industry, by license type

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What are the key pieces of legislation governing the industry?

The Insurance Law 1998 stipulates the guidelines for the regulation of the insurance industry in Kyrgyzstan. The law governs the activities of insurance and reinsurance companies, as well as insurance intermediaries. There are a few aspects of insurance operation administrated by the law including licensing of insurance companies, reinsurance companies, and intermediaries, maintenance of capital, solvency and reserve requirements by companies, and suspension of licenses and appointment of a management committee to investigate unlawful insurer activities and reporting standards for insurers and reinsurers.

In addition, the key laws governing the insurance industry include the following: Insurance Law 1998, Civil code of Kyrgyzstan 1996, Law on motor third-party liability insurance 2019, Law on civil liability insurance for the carriers of dangerous goods, Law on compulsory insurance of civil liability of organizations operating hazardous production facilities, The law on compulsory insurance of civil liability of the employer for damage to the life and health of employees, Law on the insurance of civil liability of the carrier to passengers, Law on compulsory insurance of premises from fire and natural disasters, Law on compulsory life and health insurance for servicemen and military persons are some of the important legislation controlling the insurance business.

What are the requirements and procedures to establish an insurance entity in Kyrgyzstan?

Reinsurers: An insurance company must register its operations with the FSA to start insurance operations in Kyrgyzstan. Insurance Law 1998 outlines the guidelines for establishing insurance and reinsurance companies in the country. However, the regulation does not require reinsurers to submit the business plan, rating tariffs, or policy wordings.

Foreign insurers: The Law only permits foreign insurance companies to operate in Kyrgyzstan after obtaining authorization from the FSA and submitting the following documents in addition to the documents for domestic insurers that including the resolution of the corresponding foreign insurance company regarding its participation in the organization’s formation, legal written confirmation that the authorized body of the foreign insurance company (the founder) has a valid license for the specific type of insurance activity and officially published balances for three previous years.

What are the applicable penalties on individuals and entities contravening provisions of insurance legislation?

The Kyrgyzstan legal system is influenced by the Roman-German legal system. The country’s legal system was shaped and developed within the framework of Soviet state law, and after its independence, the country’s legal system adopted features of both the Russian and French legal systems. Legislation is the basic source of rule of law in Kyrgyzstan.

The FSA may revoke a license in the following cases: If the insurance organization fails to fulfill obligations on payment of insurance indemnification to the insured, if the insurance organization repeatedly violates the laws which regulate the Kyrgyz insurance industry, if the insurance organization does not take measures to improve its financial situation, if any prohibited activity is carried out and if, within 12 months after obtaining the license, the organization fails to start its activity on this type of insurance.

What are the statutory investment compliance regulations in the Kyrgyzstan insurance industry?

According to the insurance Law 1998, insurers in compliance with the principles of reliability, returnability, profitability, liquidity, and diversification shall invest the insurance reserves. To the extent of limitations established by the FSA, the investment of insurance resources may be made outside of the territory of Kyrgyzstan.

Market report scope

Key license types

Life insurance license, non-life insurance license, reinsurance license, license for intermediaries, including agents and brokers.


  • The report covers details of the insurance regulatory framework in Kyrgyzstan.
  • The report contains details of the rules and regulations governing insurance products and entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and companies.

Reasons to Buy

  • Gain insights into the insurance regulatory framework in Kyrgyzstan.
  • Track the latest regulatory changes and expected changes impacting the Kyrgyz insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

Table of Contents


Legislation Overview

Supervision and Control


Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation


Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure


Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

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