Governance, Risk and Compliance - The Kyrgyz Insurance Industry

Governance, Risk and Compliance - The Kyrgyz Insurance Industry

Summary

Thes "Governance, Risk and Compliance - The Kyrgyz Insurance Industry", report is the result of extensive research into the insurance regulatory framework in the 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 Thes 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.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Kyrgyzstan, including -
- An overview of the insurance regulatory framework in the Kyrgyzstan.
- The latest key changes, and changes expected in the countrys 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 the 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.

Key Highlights

- The Financial Service Authority (FSA) regulates the Kyrgyz insurance industry.
- 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.
- Employers liability insurance, civil liability insurance for carriers of dangerous goods and passenger carriers liability insurance are the classes of compulsory insurance in the Kyrgyzstan insurance industry.

Scope

- The report covers details of the insurance regulatory framework in the 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 countrys 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 the 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.

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 Regulation
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 Health insurance for foreign citizens and stateless persons
2.4.4 Employers liability insurance
2.4.5 Civil liability insurance for the carriers of passengers
2.4.6 Insurance for premises from the fire and natural disasters
2.4.7 Life and health insurance for servicemen and military persons
2.4.8 Motor third-party liability insurance
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 Type 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 margin
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 GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer

List Of Tables


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 - Insurance premium rates for different types of crops
Table 6: Kyrgyzstan - Motor Insurance Regulatory Framework
Table 7: Kyrgyzstan - Liability Insurance Regulatory Framework
Table 8: Kyrgyzstan - Insurance premium for policies less than one year
Table 9: Kyrgyzstan - Minimum sum insured for different types of hazardous production facilities
Table 10: Kyrgyzstan - Insurance rates for different types of occupational risk classes
Table 11: Kyrgyzstan - Insurance premium for policies less than one year
Table 12: Kyrgyzstan - Coefficient factor for road transport
Table 13: Kyrgyzstan - Insurance premium for policies less than one year
Table 14: Kyrgyzstan - Coefficient for different types of vehicles
Table 15: Kyrgyzstan - Coefficient depending on age and experience of the driver
Table 16: Kyrgyzstan - Bonus-Malus System
Table 17: Kyrgyzstan - Coefficient depending upon the term of insurance
Table 18: Kyrgyzstan - Corporate Tax Rates for the Financial Year 2019

List Of Figures


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

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