The Cabinet of Ministers approved qualification requirements for participants in the insurance market

The Cabinet of Ministers has approved qualification requirements for participants in the insurance market and the temporary administration for managing insurance organisations. The relevant decision was signed by the Chairman of the Cabinet of Ministers, Adylbek Kasymaliyev.

The document was developed to implement the law ‘On Insurance and Insurance Activities’.
The resolution approved the regulations on the qualification requirements for officials of insurance (reinsurance) organisations.

Thus, officials of insurance (reinsurance) organisations must have higher education, competence, experience and work experience. They must also have higher professional education recognised in the Kyrgyz Republic. Secondary vocational education is permitted for chief accountants, but at least three years of work experience in the field in financial and credit organisations in the position of accountant must be taken into account.

The head of a sole or collegial executive body must have at least three years of work experience in insurance organisations, financial and credit institutions or in the civil service, including at least two years in management positions.

Members of the collegial executive body must have at least two years of work experience in insurance (reinsurance) organisations or at least three years of work experience in financial and credit institutions or in the civil service. 

The chief accountant must have at least two years of work experience as an accountant in the insurance industry, or at least three years as an accountant in financial and credit institutions, or at least five years as a chief accountant.

An internal auditor must also have at least two years of experience as a chief accountant, internal auditor of an insurance organisation or financial and credit institutions, or a state institution. The work experience specified in this clause does not include work in departments of a financial organisation related to ensuring its security, carrying out
administrative and economic activities, and developing information technologies (with the exception of the head of the information technology development department).

The revocation by the authorised body of its consent to the appointment (election) of an official in an insurance organisation is grounds for revoking the previously issued consent.

The insurance organisation is obliged to terminate the employment contract with the official or, in the absence of an employment contract, to take measures to terminate the official's powers in the event of the withdrawal of consent for the appointment of the official by the authorised body.