CTP, as the locomotive will take the insurance industry in the Kyrgyz Republic

The law on compulsory insurance of civil liability (CTP) has decided to postpone until 2021. One of the main reasons for yet another delay in the government called the entry into force of the new codes and laws, which increased fines for traffic violations. Now they are revised.

Sabyrbek Moldokulov in conversation on radio Sputnik Kyrgyzstan noted that over the past three years the citizens of Kyrgyzstan could receive up to 7 billion soms of insurance payments for CTP.

"Insurance companies would collect somewhat less, that is, those rates that are scheduled to be at the CTP, would work at a loss. Another thing is that car insurance and its development in the country through law, as the locomotive would pull an other types of insurance activities. Those who come to be insured after 1 April 2018, when it became compulsory insurance of carriage of goods and passengers, began to take voluntary types of insurance, which are ten times more expensive", — said the Moldokulov.

He added that the early introduction of insurance is profitable to insurance companies in terms of growth of insurance culture in the country.

Source: SPUTNIK.KG