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How to return money to UAPF

As of September 12, Kazakhstanis with retirement annuity agreements have the right to partially return money from life insurance companies back to the UAPF, the press service of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market notes.
How to return money to UAPF

“As of this date, people with retirement annuity agreements can apply to the LIC with an application to return to the UAPF a part of the insurance premium that exceeds the minimum cost of the retirement annuity agreement. The retirement annuity agreement is renegotiated on new terms, which should ensure payments at a level not lower than 70% of the subsistence level,” explains Asel Amirbayeva, director of the insurance market and actuarial department of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.

Insurance organizations are obliged to transfer the amount of money to be returned to the UAPF within 20 calendar days from the date of the insured's application.

The new regulations also simplify the procedure for concluding a retirement annuity agreement with a LIC. People are now able to apply for retirement annuity agreements not only in paper form but also in electronic form through the LIC Internet resource.

“In general, the adopted amendments expand the rights of policyholders, stipulated in the retirement annuity agreement, and specify the procedures for citizens to apply to LICs on retirement annuities,” summed up the financial regulator representative.

Photos are from open sources.

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