LAW OF THE KYRGYZ REPUBLIC

of June 30, 2021 No. 82

About introduction of amendments to the Law of the Kyrgyz Republic "About compulsory insurance of premises from the fire and natural disasters"

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 2, 2021

Article 1.

Bring in the Law of the Kyrgyz Republic "About compulsory insurance of premises from the fire and natural disasters" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 2015, No. 7, the Art. 1012) the following changes:

1) in all text of the Law the word "Government" in different case forms shall be replaced with words "Cabinet of Ministers" in the corresponding cases;

2) in Article 4:

a) recognize Items 2 and 3 invalid;

b) state Item 10 in the following edition:

"10) the insurer - the legal or capable physical person which signed the agreement of compulsory insurance (insurance policy) with the insurer;";

c) in Item 17 of the word" (the state insurance company)" to exclude;

d) add Article with Items 19 and 20 of the following content:

"19) insurance pool on compulsory insurance of premises from the fire and natural disasters (further - insurance pool) - merging of the insurers, not being the legal entity and created for the purpose of program implementation of compulsory insurance of premises from the fire and natural disasters, acting on the basis of the Regulations on insurance pool;

20) the unconditional insurance franchize - part of losses which is defined by the agreement of compulsory insurance and is not subject to compensation by the insurer to the insurer or the beneficiary whose interest is insured in accordance with the terms of the agreement of compulsory insurance, and is established in the form of certain percent from insurance sum.

If the extent of damage exceeds the size of the unconditional insurance franchize, then the loss is indemnified less the size of the unconditional insurance franchize.";

3) in Article 7:

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