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Governance, Risk and Compliance-The Kyrgyz Insurance Industry

Governance, Risk and Compliance-The Kyrgyz Insurance Industry


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Executive Summary

Timetric's 'Governance, Risk and Compliance-The Kyrgyz Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Kyrgyzstan.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Kyrgyzstan, including:

An overview of the insurance regulatory framework in Kyrgyzstan.

The latest key changes, and changes expected in the country's insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Kyrgyzstan.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Scope

The report covers details of the insurance regulatory framework in Kyrgyzstan.

The report contains details of the rules and regulations governing insurance products and insurance 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 insurance 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 product.

Key Highlights

The Kyrgyz insurance industry is regulated by the Financial Service Authority (FSA).

Composite insurance is not permitted in Kyrgyzstan.

100% foreign direct investment (FDI) is permitted in the Kyrgyz insurance industry.

Non-admitted insurance is not permitted in Kyrgyzstan. However, reinsurance companies can operate in the country on a cross-border basis only, but underwriting should take place outside Kyrgyzstan.

Employer's liability insurance, civil liability insurance for carriers of dangerous goods and passenger carrier's liability insurance are the classes of compulsory insurance in the Kyrgyzstan insurance industry.

1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Civil liability insurance for carriers of dangerous goods

2.4.2 Civil liability insurance for hazardous manufacturing facilities

2.4.3 Employers' liability insurance

2.4.4 Health insurance for foreign citizens and stateless persons

2.4.5 Civil liability of the carriers to the passengers

2.4.6 Compulsory insurance of premises from the fire and natural disasters

2.5 Supervision and Control

2.5.1 Financial Service Authority-FSA

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Types of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Kyrgyzstan-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: Kyrgyzstan-Insurance Regulatory Framework Key Features

Table 3: Kyrgyzstan-Life Insurance Regulatory Framework

Table 4: Kyrgyzstan-Property Insurance Regulatory Framework

Table 5: Kyrgyzstan-Motor Insurance Regulatory Framework

Table 6: Kyrgyzstan-Liability Insurance Regulatory Framework

Table 7: Kyrgyzstan-Corporate Tax Rates for the Financial Year 2016

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Insurance, Governance, risk and compliance, Regulatory framework, Life insurance, Property insurance, Motor insurance, Liability insurance, Marine, aviation and transit insurance, Personal accident and health insurance, Compulsory insurance, Licensing requirements, Minimum capital requirements, Solvency requirements, Non-admitted insurance, Reserve requirements, Investment regulations, Licensing fee, Authorization fee, Risk-based capital framework, Accounting standards, Returns requirement, Consumer protection, Law, Regulation, Act, Tax, Insurance premium tax, Corporate tax, VAT, Legal system, Court system


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