The Parliament of Kyrgyzstan adopted a bill in the third reading, which proposes to request a mandatory insurance against fires and natural disasters when re-registering real estate.
In addition, the document proposes to request this policy, if a citizen wants to keep real estate as collateral and to introduce mandatory car insurance.
According to the initiators, the objectives of the bill on amendments to the laws «On Road Traffic in the Kyrgyz Republic», «On State Registration of Rights to Real Estate and Transactions with It», «On Pledge» are:
— When making real estate transactions or during state registration of rights and encumbrances (restrictions) of rights to real estate, inclusion of insurance policy in the list of documents submitted to the state registration service, i.e. to specify the norm obliging citizens who have real estate to insure their homes under compulsory insurance;
— Enforcement of the above law;
— Informing the population about the necessity of home insurance;
— Obligatory presence of an insurance policy on compulsory insurance of residential premises when making real estate transactions;
— Maximizing the coverage of the population.
The authors note that the introduction of the system of compulsory insurance of residential premises against fire and natural disasters is a measure of state importance. Strengthening the system of compulsory insurance will bring a positive result, will provide citizens with timely compensation for damage in case of emergencies, will preserve financial solvency, and will allow to form a non-state source of damage coverage.
Chairman of the State Service for Regulation and Supervision over Financial Market Marat Pirnazarov said earlier that the minimum cost of insurance is 1,700 soms, and insurance of the most expensive cars will cost up to 4,400.
The fine for the absence of an insurance policy will be 2,000 soms.
If an insured event occurs, the State Insurance Organization can pay up to 700,000 soms. If a person became disabled in a traffic accident, the amount of compensation will be up to 300,000 soms.
