In order to develop the national insurance market of the Kyrgyz Republic, increase consumer confidence in the insurance market, create economic conditions for compensation for damage associated with harm to life, health, property of policyholders (beneficiaries), by the Decree of the President of the Kyrgyz Republic dated March 20, 2024 UP No. 79 to state bodies, local self-government bodies, state and municipal enterprises, business entities, where 50 percent or more of the share in the authorized capital belongs to the state, including their subsidiaries are instructed to provide insurance of the property on the balance sheet and civil liability in the State Insurance Organization OJSC.
According to the Decree, OJSC “State Insurance Organization” will be determined as the national operator for reinsurance, including export risks, within the framework of interaction with the Eurasian Reinsurance Company.
The Cabinet of Ministers of the Kyrgyz Republic, together with the Administrative Department of the President of the Kyrgyz Republic and local self-government bodies, was instructed to resolve the issue of placing JSC “GSO” and its branches in state buildings, as well as to find and allocate funds to increase the authorized capital of JSC “GSO” in 2024 and in subsequent periods. Functions for the implementation of the powers of the Cabinet of Ministers of the Kyrgyz Republic as a shareholder of OJSC “GSO” will be transferred from the State Agency for State Property Management under the Cabinet of Ministers of the Kyrgyz Republic to the Ministry of Finance of the Kyrgyz Republic.
In addition, OJSC “GSO” is recommended to insure the property and civil liability of the above-mentioned state bodies, local self-government bodies, state and municipal enterprises, and business entities.