RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of March 27, 2026 No. 197

About approval of requirements to insurance by the Islamic principles (такафул), to imputed insurance and annuity insurance

For the purpose of realization of part 3 of article 82 of the Law of the Kyrgyz Republic "About insurance and insurance activity", according to articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Approve:

1) Regulations on insurance by the Islamic principles (такафул) according to appendix 1;

2) Regulations on the minimum requirements on imputed insurance according to appendix 2.

2. Bring in the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About questions of licensing of separate types of activity" of December 14, 2023 No. 678 the following changes:

in Regulations on the licensing of separate types of activity approved by the above-stated resolution:

- add Chapter 45 with Item 295-1 of the following content:

"295-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add Chapter 46 with Item 300-1 of the following content:

"300-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add Chapter 47 with Item 305-1 of the following content:

"305-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add Chapter 48 with Item 310-1 of the following content:

"310-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add Chapter 49 with Item 315-1 of the following content:

"315-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add Chapter 50 with Item 320-1 of the following content:

"320-1. For receipt of appendix to the license the applicant submits the application and conditions of rules of insurance in case of availability of this license.";

- add with Chapters 92, of 93, 94 following of content:

"Chapter 92. Features of licensing of the activities for imputed insurance performed by insurance company

506. The license for the activities for imputed insurance performed by insurance company is issued by authorized state body in the field of supervision and regulation of the non-bank financial market.

507. The license for the activities for imputed insurance performed by insurance company is termless and acts on all territory of the Kyrgyz Republic.

508. For the receipt of the license for activities for imputed insurance performed by insurance company, the applicant in addition submits the following documents in paper form:

1) copies of the foundation agreement or decision of the single founder, charter of insurance company, protocol of meeting of founders on adoption of the charter, statement of officials of executive body of insurance company and chief accountant;

2) the information about the shareholders of insurance company owning 10 and more percent of shares of insurance company;

3) the document confirming payment of the authorized capital;

4) condition (rule) of insurance;

5) the list of board members (in the presence) insurance company with indication of surname, name, middle name and the residential address of the chairman of the board of directors and his deputy;

6) the list of members of collegiate executive body of insurance company with indication of surname, name, middle name and the residential address of each person and documents confirming their compliance to requirements of reliability and to the level of the established qualification requirements;

7) the documents confirming the education level, the service record and documents confirming compliance of qualification of the chief accountant to requirements of reliability and to the level of the established qualification requirements for the chief accountant;

8) the decision of relevant organ of the foreign company on its participation in creation of insurance company in the territory of the Kyrgyz Republic (for foreign insurance company);

9) copies of the financial reporting for three previous years (for foreign insurance company).

509. Licensed requirements to the activities for imputed insurance performed by insurance company are:

1) forming of the authorized capital is performed only in cash in banks of the Kyrgyz Republic;

2) implementation of insurance activity is exclusive on the types of insurance provided by the license;

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