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RIA to Social Fund initiatives will be revised with proposals of business associations

February 19, 2016

IBC took part in a meeting of the working group on the development of Regulatory Impact Analysis (RIA) to the Law "On Amendments to Certain Legislative Acts of the Kyrgyz Republic" of August 3, 2015 #212. The law provides the Social Fund of the Kyrgyz Republic with the right to conduct inspections of insurers (businesses) for the implementation of commitments to comply with the legislation in regard to the payment of insurance premiums, accounting registration, etc. However, this law was passed without RIA. A WG under the Social Fund has developed RIA for the law. According to meeting participants, adoption of this document will be inappropriate, as due to the economic crisis it will further burden the activities of entrepreneurs. It was decided to revise the RIA taking into account the proposals of business associations.