Economy Ministry proposes mandatory insurance for all types of vehicles
The Ministry of Economy and Commerce of Kyrgyzstan has submitted a bill to the Parliament for consideration, which proposes to introduce mandatory insurance for transport and motor vehicles.
The Chairman of the State Service for Regulation and Supervision over the Financial Market Marat Pirnazarov reported at a meeting of the Committee on Transport, Communications, Architecture and Construction of the Parliament that the minimum insurance price is 1,700 soms. This is insurance for small cars, for example, a Honda Fit. The more expensive the vehicle, the higher the insurance rate. Insurance for the most expensive cars will cost about 10,000 soms.
And the fine for not having insurance will be 2,000 soms.
In case of an insured event, the State Insurance Organization may pay compensation of up to 700,000 soms. If an individual sustains a disability due to a road accident, the compensation amount will be about 300,000 soms.
