I had the same problem, but I solved it.
1. Export passwords into a folder so you have saved your passwords.
2. Uninstall KPM.
3. Right-Click on Windows Icon, select & click on RUN.
4. Type in REGEDIT and click on OK. If prompt by a pop-up box, click YES.
5. Look for HKEY_CURRENT_USER
6. Click on it to expand the folders.
7. Scroll down to Kaspersky Lab folder, click on the > icon to expand the folders
8. Click on Kaspersky Password Manager folder, then Right-Click and select DELETE.
9. Delete any Password Manager folder in the Kaspersky Lab Folder.
10. Exit REGEDIT and click on the file to install Password Manager again. This should complete the installation without any issues.