LAW OF THE KYRGYZ REPUBLIC

of July 4, 2022 No. 56

About modification of some legal acts concerning counteraction to financing of terrorist activities and to legalization (washing) of the criminal income and judicial legal reform

Accepted by Jogorku Kenesh of the Kyrgyz Republic on May 25, 2022

Article 1.

Bring in part I of the Civil code of the Kyrgyz Republic (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1996, No. 6, the Art. 80) the following change:

in the paragraph the second Item 1 of Article 47 of the word "demand or" to exclude.

Article 2.

Bring in the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" (Sheets of Jogorku Kenesh of the Kyrgyz Republic, 1998, No. 12, the Art. 505) the following changes:

Article 3 to add 1) with the paragraph of the following content:

"considerable equity participation of insurance company - individual or together with other persons, immediate or indirect possession or management of ten and more percent of shares of insurance company.";

Article 6 to state 2) in the following edition:

"Article 6. Features of the organization of insurance companies

1. The insurance company in the Kyrgyz Republic can be created and be effective only in the form of joint-stock company.

Insurance companies can create in the territory of the Kyrgyz Republic and abroad:

1) affiliated organizations;

2) branches and representations.

2. Physical persons and/or legal entities - residents and nonresidents of the Kyrgyz Republic taking into account the restrictions established by this Law can be founders and shareholders of insurance company.

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