On January 21, the Cabinet of Ministers presented this draft law for discussion in the Jogorku Kenesh.
As clarified by representatives of the Financial Supervision Authority, the main goal of this regulation is to implement a mechanism for collective risk distribution within the framework of mandatory insurance of residential premises against fires and natural disasters. This is planned to be achieved through the creation of an insurance pool and clarification of the criteria for recognizing an insured event.
The draft law proposes to change the definition of the term "insurance pool." In its current version, it encompasses a union of insurers that is not a legal entity. The new draft law stipulates that the pool will become a legal entity, and its funds will be formed from a portion of the insurance premiums received from insurance organizations to fulfill obligations under contracts for mandatory insurance of residential premises.
Among other expected outcomes, if the draft law is adopted, the following indicators are mentioned:
- a reduction in the share of refusals to pay insurance compensation for formal reasons by at least 50%
- a decrease in budget expenditures for compensation of damage from natural disasters by 30-40% compared to the average figures over the past five years;
- an increase in the number of insured houses in rural areas by 15-20%.
