Insurance Contracts

What are the main conditions of insurance contract?

• The name, location and bank details of the insurer and the policyholder/beneficiary
• Object of insurance, insured event
• The amount of insurance payment/premium and terms
• Contract duration, number and series of insurance policy
• The period of notification of the insured person
• The currency of insurance payments/premiums
• Id number, residence and economic sector of the policyholder and insured – beneficiary (if applicable)

Insurer company

Types of insurance companies available in kazakhstani jurisdiction

• The name, location and bank details of the insurer and the policyholder/beneficiary
• Object of insurance, insured event
• The amount of insurance payment/premium and terms
• Contract duration, number and series of insurance policy
• The period of notification of the insured person
• The currency of insurance payments/premiums
• Id number, residence and economic sector of the policyholder and insured – beneficiary (if applicable)

Main requirements for foreign participation in kazakhstani insurance company

• The total assets must not be less than the amount equivalent to five billion USD 
• Have at least ten years of experience in the implementation of insurance/reinsurance in all industries and classes of insurance
• The state of insurance organization must be a participant in international cooperation in the field of prevention and counteraction to the legalization (laundering) of proceeds from crime and the financing of terrorism, cooperating with the group for the development of financial measures to combat money laundering (fatf)
• Concluded agreement between the authorized body and the financial supervision body of the state of insurance (reinsurance) non-resident organization etc.

Regulatory capital and liquidity

What are the minimum authorised capital requirements?
Types of licenses - Minimal capital amount (in MCI)

• General insurance - 1 500 000
• Life insurance - 1 500 000
• The general insurance industry the life insurance and reinsurance - 2 100 000
• The general insurance by class the reinsurance with the types of licenses minimal capital amount (in mci) and in reinsurance - 2 100 000
• «Mortgage insurance» - 2 100 000
• Implementation of reinsurance as an exclusive type of activity - 10 500 000

Senior management

The management structure of insurance companies
1) The board of directors - management body
2) The board - executive body (at least three people)
3) The internal audit service - control body