This document comes into effect 15 days after its official publication in the newspaper "Erkin Too" (issue dated November 28, 2025, No. 94).
According to the new procedure, insurance and reinsurance companies must obtain consent from the authorized body before starting liquidation or reorganization. Before applying for approval, the organization must transfer its insurance portfolio to other licensed insurance companies.
To obtain consent, companies must provide:
- the minutes of the general meeting of shareholders;
- a liquidation or reorganization plan indicating timelines and stages;
- an auditor's report for the last reporting period;
- a reconciliation act with tax authorities;
- information on the fulfillment of obligations to policyholders and creditors;
- financial statements at the time of submission;
- an agreement on the transfer of the insurance portfolio;
- the original license(s).
Review Periods
Authorized Body:
- within 3 working days checks the completeness of the submitted document package;
- reviews the application within 30 working days from the date of receipt of the complete package.
The authorized body also has the right to analyze the financial stability of both the transferring and receiving organizations, as well as to check compliance with licensing requirements.
Grounds for Refusal
Refusal of consent may be issued in the following cases: submission of incomplete or incorrect information, the presence of unfulfilled obligations to creditors and policyholders, violations of civil legislation, supervisory measures against the company, as well as financial instability of the receiving party.
If the authorized body does not send a written refusal within the specified time, consent is considered granted automatically. The validity period of the consent is 12 months.
Procedure
PROCEDURE
for granting consent for the voluntary liquidation or reorganization of an insurance (reinsurance) organization
Chapter 1. General Provisions
1. This Procedure defines the conditions, requirements, and grounds for obtaining consent from the state body that performs functions for regulating the insurance market and supervising insurance activities in accordance with the legislation of the Kyrgyz Republic (hereinafter referred to as the authorized body).
2. Liquidation or reorganization of insurance (reinsurance) organizations without the consent of the authorized body is prohibited according to the civil legislation of the Kyrgyz Republic.
Chapter 2. Procedure for Obtaining Consent
3. After transferring the insurance portfolio, containing obligations under concluded insurance (reinsurance) contracts, to licensed insurance (reinsurance) organizations, the insurance company applies for consent to the authorized body.
4. To obtain consent for voluntary liquidation or reorganization, it is necessary to submit:
1) an application for the issuance of consent;
2) the minutes of the shareholders' meeting on initiating liquidation or reorganization;
3) an action plan indicating timelines;
4) an auditor's report for the last reporting period;
5) a reconciliation act with tax authorities;
6) information on the fulfillment of obligations to policyholders and creditors;
7) financial statements at the time of submission;
8) agreement(s) on the transfer of the insurance portfolio;
9) the original license(s).
5. The authorized body reviews the application within 30 working days from the date of submission of the complete document package.
6. Within 3 working days, the authorized body checks the completeness and compliance of the documents with the requirements of paragraph 4 of this Procedure.
In case of deficiencies or overdue documents, the authorized body returns them for revision within the established time frame.
Chapter 3. Procedure for Reviewing and Issuing Consent
7. When reviewing the application, the authorized body has the right to:
1) assess the financial stability of both the transferring and receiving insurance (reinsurance) organizations;
2) verify compliance with licensing norms by the receiving organization.
8. If the documents comply with legislative requirements and there are no grounds for refusal, the authorized body issues written consent for voluntary liquidation or reorganization.
Chapter 4. Grounds for Refusal of Consent
9. Grounds for refusal may include:
1) submission of false or incomplete information;
2) the presence of unfulfilled obligations to policyholders and creditors;
3) violation of the liquidation procedure established by law;
4) financial instability of the receiving party, established by the Cabinet of Ministers;
5) the presence of supervisory measures against the transferring company;
6) detection of distortions in the liquidation balance without confirmation of assets and liabilities;
7) non-fulfillment of obligations to creditors.
10. The authorized body also has the right to refuse consent for reorganization in the following cases:
1) provision of false information;
2) violations of the reorganization procedure;
3) financial instability of the receiving party;
4) if the authorized capital is below the minimum level established by the Cabinet of Ministers;
5) the presence of a negative auditor's report;
6) supervisory measures against the transferring organization.
Chapter 5. Final Provisions
11. Upon a positive decision, the authorized body issues written consent, valid for 12 months from the date of issuance.
12. In case of refusal, the authorized body sends the applicant a written notification stating the reasons.
If the authorized body does not notify the applicant of the refusal within the established time frame, consent is considered granted.
13. A repeated application is possible after the reasons for refusal have been eliminated.
