Kyrgyz Republic’s State Service for Regulation and Supervision of Financial Markets reported that the Cabinet of Ministers adopted a resolution approving requirements for insurance on Islamic principles (takaful), imputed insurance and annuity insurance. The framework is positioned as supporting insurance market development, expanding internationally aligned financial instruments, and protecting the property interests of individuals and legal entities. For takaful, the resolution defines the insured object as the participants’ property interest linked to the takaful operator’s civil-law obligation to compensate damage to life, health and material values when an insured event occurs. It describes a mutual loss-sharing mechanism funded through voluntary contributions (tabarru) that form a takaful fund used to pay claims. For imputed insurance, it provides for standard contracts to be developed for one or more insurance types and limits imputed insurance contracts to insurers holding the relevant licence; it also specifies that policyholders can be individuals or legal entities and lists covered lines including pawnshop collateral, tour operator liability to tourists, civil or professional liability of private notaries, valuers and appraisal organisations, realtors, depositories and management companies, audit organisations, insurance of leased assets for the full lease term, and aircraft owner or operator liability for passenger, baggage, cargo, crew, aviation personnel and third-party harms. Licences for imputed, Islamic and annuity insurance activities are to be issued by the authorised state body responsible for supervision and regulation of the non-banking financial market. Insurance and reinsurance organisations operating within Islamic insurance are recommended to bring their activities into line with specified requirements within six months from the date the resolution enters into force.
State Service for Regulation and Supervision of Financial Markets 2026-03-30
Kyrgyz Republic’s State Service for Regulation and Supervision of Financial Markets publishes Cabinet resolution setting requirements for takaful, imputed and annuity insurance
The Kyrgyz Republic’s State Service for Regulation and Supervision of Financial Markets reported that the Cabinet of Ministers has approved requirements for Islamic (takaful), imputed and annuity insurance to develop the insurance market and protect property interests. The resolution defines the takaful loss-sharing mechanism, sets conditions and covered lines for imputed insurance, and provides that licences for these products will be issued by the authorised non-bank financial supervisor. Insurance and reinsurance organisations offering Islamic insurance are recommended to align their activities with the new requirements within six months of the resolution’s entry into force.