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Kyrgyzstanis lost insurance culture

The compulsory third party liability insurance (CTPLI) will be introduced in Kyrgyzstan from February 7, 2019. Nurlan Baibosunov, member of the executive board of the State Financial Supervision Service, told at a press conference about the importance of insurance today.

According to him, many confuse CTPLI with the comprehensive and collision insurance (CCI). CTPLI is compulsory third party liability insurance. CCI is car insurance. «Getting CTPLI, the driver insures his responsibility to all, who may suffer from his actions. This is a very necessary law. Only several countries in the world have no CTPLI. Kyrgyzstan is one of them.

Voluntary insurance is in force for more than 20 years. However, all types of insurance are poorly developed in Kyrgyzstan. «We lost the insurance culture, although the procedure is time-tested. Having paid a small sum, you will get assistance and receive 500,000 soms,» Nurlan Baibosunov explained.

The government sets CTPLI tariffs. Insurance companies must obtain a license from the State Financial Supervision Service to issue certificates. Voluntary insurance is always more expensive than compulsory one.