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The regulator published the rules for transferring funds from LIC to UAPF

The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) adopted a resolution “On approval of the Rules for concluding retirement annuity agreement with insurance organization and transferring pension savings to insurance organization, single accumulative pension fund under retirement annuity agreement”.
The regulator published the rules for transferring funds from LIC to UAPF

“People with retirement annuity agreements are granted by the Law the right to renegotiate this agreement on new terms. The balance of insurance premium under the new retirement annuity agreement in the insurance company must not be less than the minimum insurance premium sufficient to ensure payment of 70% of the subsistence minimum. The amount exceeding this threshold is returned to the UAPF,” the ARDFM release informs.

The resolution defines the rules for transferring a part of insurance premium exceeding the minimum cost of retirement annuity agreement from a life insurance company to the UAPF.

Photos are from open sources.

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