Mandatory Insurance Certificate Required for Real Estate Transactions in South Korea
Insurance Certificate Now Mandatory for Real Estate Transactions in Kyrgyzstan
In a recent development, the Cabinet of Ministers in Kyrgyzstan has passed a resolution making it mandatory to have an insurance certificate for real estate transactions in the country. This means that individuals will now be required to have insurance against fires and natural disasters when buying, selling, or pledging housing.
The decision comes in the wake of recent mudflows in various regions of the country, underscoring the importance of having home insurance to protect against unforeseen events. The Service for Regulation and Supervision over the Financial Market has emphasized the necessity of this requirement to safeguard property owners.
Insurance services are being provided by the State Insurance Organization OJSC, with branches located in all seven regions of the republic. Interested parties can access information about the addresses of these branches to obtain the necessary insurance for their properties.
Under the new regulation, state home insurance in urban areas will cost 1,200 soms, while rural areas will be charged 600 soms. Additionally, there is an option for individuals to opt for a voluntary individual tariff, which amounts to 0.3 percent of the actual cost of their housing.
With this new regulation in place, property owners in Kyrgyzstan are urged to ensure that they have the required insurance coverage to protect their assets and investments. It is a proactive step towards mitigating risks and ensuring financial stability in the event of unexpected disasters.
