Insurance Contracts Q&A

CONTRACTS

WHAT ARE THE MAIN TYPES OF INSURANCE AVAILABLE IN KAZAKHSTAN?

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

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

MINIMAL CAPITAL AMOUNT (IN MCI)

1 500 000

2 100 000

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

Author

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