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ARDFM simplifies access to life insurance products for Kazakhstanis

The Agency of the Republic of Kazakhstan for regulation and development of the financial market (ARDFM) adopted a resolution on regulation of endowment insurance products.
ARDFM simplifies access to life insurance products for Kazakhstanis

The Resolution defines the procedures for concluding a joint retirement annuity agreement. Such an annuity will allow combine the pension savings of spouses or close relatives (children, parents, sisters, brothers) if the pension savings of one contributor are insufficient to buy a retirement annuity agreement.

Besides, the document simplifies the requirements for documents submitted by policyholders for obtaining a loan within the endowment life insurance product, and also provides the opportunity to obtain a loan in electronic form.

On the Unit-linked product, which simultaneously combines insurance and investments, the resolution provides for distribution procedure of policyholders’ assets in the event of liquidation or reorganization of an insurance company into another legal entity, and also defines uniform requirements for all insurers for assessing the policyholders’ assets.

“The adoption of the resolution will increase the attractiveness of endowment life insurance products and simplify access to them for consumers of insurance services,” the agency representatives informed in the release.

Photos are from open sources.

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