Day of Insurance Market Workers of the Kyrgyz Republic (18/12)

On December 18, Kyrgyzstan celebrates the professional holiday – Day of Insurance Market Workers of the Kyrgyz Republic, established by Decree of the Government of the country № 113 of February 17, 2017.

By establishing a new professional holiday, the country's leadership emphasized the contribution of insurance market workers to strengthening the state economy, as well as the social significance of the services offered to the population by insurance companies.

The development of the insurance system after the collapse of the USSR followed largely similar paths in the newly formed independent states on its territory. This was due to the increasing need to create a system of non-state protection of the financial interests of citizens, as well as organizations (subjects of legal relations) after the transition to market relations in the economy.

The emergence and development of an insurance system in Kyrgyzstan with the share of state participation in this process, as well as the supervision of this area by government bodies specially designed for this purpose, once again emphasizes the authorities’ awareness that the presence of a high-quality and effective insurance sector contributes to the sustainable development of the economy.

This system makes it possible to reduce expenses in the social security system when it is necessary to make all kinds of social payments, compensation, pensions and benefits, payment for medical services, etc. The same system makes it possible to reduce costs arising as a result of the need to eliminate the consequences of man-made disasters or natural disasters, when damage is caused to infrastructure, enterprises, and housing of citizens in the cataclysm zone.

Reducing risks and guaranteeing material compensation, thanks to the insurance system, becomes the key to more confident banking relations, business, production processes, and the labor system as a whole. Certain areas of activity with potential risks of various types force the state to adopt laws obliging participants in relations in such areas of activity to provide compulsory insurance. Regulation of the insurance market from the point of view of compliance with the law is carried out by the State Service for Regulation and Supervision of the Financial Market. This body operates under the Government of the Republic.

By accumulating their own experience, insurance companies in Kyrgyzstan are also adopting the experience of foreign insurance companies.

The very first celebration of Insurance Market Workers' Day laid the foundations for traditional events dedicated to this day. The State Service for Regulation and Supervision of the Financial Market under the Government of the Republic awarded excellent students in the insurance market, noting their professionalism and fruitful work.

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