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Service for Financial Market Regulation offers to put off CMTPLI fines

The State Service for Regulation and Supervision over the Financial Market of Kyrgyzstan proposes to put off the fines for the absence of the Compulsory Motor Third Party Liability Insurance until August 7, 2019. The draft government resolution was submitted for public discussion by the agency.

As a background statement says, the Law on Compulsory Motor Third Party Liability Insurance will come into force on February 7, 2019. A vehicle owner may be fined for the absence of certificate of insurance. Fine for individuals is 30 calculated rates (3,000 soms), for legal entities — 130 calculated rates (13,000 soms).

It is offered to postpone the introduction of fines only for drivers of vehicles registered in Kyrgyzstan.

«Thus, the drivers will have the opportunity to easily choose the most suitable insurance company and purchase the CMTPLI certificate. During the transition period, owners of vehicles will not be fined for the absence of the insurance certificate,» the background statement says.