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What will change in the regulation of the insurance market?

By the resolution of the Board of the Agency of the Republic of Kazakhstan for regulation and development of the financial market, amendments and additions were made to some regulatory legal acts on the regulation of the financial market.
What will change in the regulation of the insurance market?

In particular, in civil liability insurance, the subparagraph “insurance of an employee against accidents in the performance of his labor (official) duties” is excluded from the mandatory types of insurance, it is worded differently.

Now the compulsory insurance types include the following:

- essence of liability insurance;

- professional liability insurance;

- civil liability insurance of vehicle owners;

- civil liability insurance of carrier before passengers;

- insurance of civil liability of private notaries;

- insurance of civil liability of audit organizations;

- environmental insurance;

- civil liability insurance of owners of facilities whose activities are associated with the risk of causing harm to third parties;

- other types of liability insurance and mandatory types of insurance.

The resolution also allows for the following:

  • providing consumers with the opportunity to determine the amount of depreciation on the insurance ombudsman’s Internet resource when calculating the cost of the amount of damage caused to a vehicle under compulsory motor insurance;
  • optimizing the procedure for consideration of applications by the insurance ombudsman by the possibility of ending the dispute by reconciliation of the parties or by sending recommendations and explanations;
  • reducing the reporting submitted by the insurance agent to the insurance company;
  • improving the procedure for coordinating executives in the insurance market.

The regulation comes into force on May 30, 2023.

Photos are from open sources.

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