IBC and the Financial Supervision Service discuss the development of Kyrgyzstan's financial market

On October 14, 2025, members of the International Business Council (IBC) met with Marat Pirnazarov, Chairman of the State Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic.

Representatives of insurance, audit, brokerage, leasing and consulting companies, as well as banks – IBC members – discussed a wide range of issues related to the regulation of the non-banking financial sector.

"Such meetings between the business community and the relevant regulator allow us to promptly identify potential regulatory risks and jointly seek solutions that ensure a balance between effective supervision and sustainable development of the financial market," said Askar Sydykov, Executive Director of the International Business Council.

Main topics of the meeting

Participants discussed the current state of the non-banking financial sector, upcoming changes in the regulation of the insurance and audit markets, as well as developments in legislation on virtual assets, joint-stock companies, and corporate governance.

IBC representatives expressed gratitude to the State Financial Supervision Service for its open dialogue and stressed the importance of maintaining a balance between regulatory stability and business development.

The business community voiced comments and suggestions on the following draft regulations:

- Draft Resolution "On Approving the Financial Stability of Insurance (Reinsurance Organizations)";

- Draft Resolution of the Cabinet of Ministers of the Kyrgyz Republic "On the Procedure for Forming and Maintaining the Unified Insurance Database";

- Draft Resolution of the Cabinet of Ministers of the Kyrgyz Republic "On Establishing the Amount of Deductions from Insurance Premiums," which stipulates that insurance organizations must deduct 0.5% of collected insurance premiums for compulsory insurance.

With regard to the Unified Insurance Database, the business community noted the need to limit the database's coverage to aggregated reporting and mandatory types of insurance, while ensuring the protection of insurance confidentiality and other commercially sensitive information.

Entrepreneurs also get clarification on the deadlines for mandatory audit requirements for entities with revenues exceeding 1 billion soms, which will apply starting in 2026, as well as on the readiness of the public depository to host audit reports.

To more effectively perform the highly labor-intensive functions of regulating the entire non-banking financial market, IBC head Askar Sydykov proposed removing the State Financial Supervision Authority (Gosfinnadzor) from the jurisdiction of the Economy Ministry. Businesses believe that Gosfinnadzor should once again become an independent government agency under the Cabinet of Ministers, receiving the appropriate logistical and organizational support.

Following the discussion, the parties agreed to continue working together to improve the regulatory framework for the financial sector, including finalizing projects on insurance, auditing, financial reporting, virtual assets, and developing a new draft law on leasing activities.