Bishkek, Nov. 18, 2020. /Kabar/. The state budget could receive KGS 40 million per year from the introduction of the compulsory motor third party liability (CMTPL), Head of Kyrgyzstan's State Service for Regulation and Supervision of the Financial Market Arzybek Kozhoshev told during a press conference.
According to him, besides, the Social Fund should have received KGS 10-15 million through insurance contributions.
"In addition, there is multiplier effect while introducing CMTPL. Jobs will be created. Insurance companies in the regions will hire people, buy buildings and open representative offices. That is, there will be an economic effect except for direct income,” Kozhoshev noted.
The Kyrgyz Government proposes to postpone the introduction of compulsory motor third party liability (CMTPL) insurance until Jan. 1, 2023.
According to Kozhoshev, the decision was made due to a difficult time in connection with the coronavirus pandemic.
The Government will develop an appropriate bill and submit it to the Parliament.
Thus, the introduction of the CMTPL insurance policy has been postponed by one year from the previously approved terms.
The law on CMTPL insurance was adopted back in 2015.
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