According to the proposal prepared by the government, the insurance pool will be transformed into a legal entity and will begin to generate funds through a portion of the insurance premiums.
The head of the State Service for Regulation and Supervision of the Financial Market, Marat Pirnazarov, emphasized that this innovation will assist in compensating for damages in the event of serious natural disasters. He added that the creation of an insurance pool had been discussed previously, but this initiative was not implemented.
Furthermore, the draft law proposes to lower the threshold values for a number of natural disasters, under which citizens are entitled to receive insurance payouts.
- Earthquake: the threshold is reduced from 6 to 5 points.
- Strong wind: the threshold is reduced from 25 meters per second to 20 meters per second.
- Heavy snowfall: the threshold is reduced from 200 to 150 millimeters.
- Hail: the requirement for a minimum size is removed (the previous minimum was 20 millimeters).
- Landslides and rockfalls are combined into the category of "mass ground movements."
"There is an individual rate, where a citizen pays 0.3 percent of the value of their housing. For example, if the house is valued at 50 million soms, the annual contribution will be 150,000 soms, and in the event of a disaster, they will receive the full value of the house. The basic rates are 0.12 percent. Experts believe that this figure should not be lower than 0.26 percent. However, we do not plan to raise rates yet, as some citizens consider even 600 soms to be too high an amount. We maintain social rates, but they will not provide sufficient payouts in the event of major disasters, such as the earthquake in Turkey," the official explained.
Marat Pirnazarov added that the introduction of the insurance pool is necessary to ensure payouts to citizens in the event of large-scale natural disasters.
Following the discussion, the deputies supported the draft law in the first reading.
