Chairman of the Board of LIC Kommesk-Omir Oleg Khanin says that starting from 2024 a block of legislative amendments will affect compulsory accident insurance of employees while performing their job duties (CAI).
“Firstly, the limit for pre-retirement payments is being introduced. Thus, people permanently residing in the territory of the Republic of Kazakhstan and employed in jobs with hazardous working conditions, upon reaching the age of 55 and obligatory professional pension contributions (OPPC) paid for them for a total of at least 84 months, have the right to a special social benefit,” notes speaker. The special social benefit includes, among other things, an insurance payment under the pre-retirement annuity insurance contract under the CAI contract in the amount of one minimum wage (MW) monthly, he adds.
Payments will be made until retirement age is reached. To receive special social benefits, the employee will need to quit work under hazardous working conditions. “In other words, employees can either switch to an easier job with the possibility of receiving wages and benefits, or quit job and continue to receive payments until retirement”, explains Oleg Khanin. He emphasizes that the mandatory conditions for a special social benefit are reaching the age of 55 and the presence of professional pension contributions to the UAPF for the last 7 years.
According to speaker, the development of a unified voluntary savings system Keleshek has begun in 2023, the purpose of which is to give people the access to higher education. The speaker tells about this project in more details.
This is a new program within the framework of the State Educational Savings System (SESS), in the implementation of which second-tier banks and life insurance companies (LICs) take part. Thus, within the framework of Keleshek, a child will be able to open a special account to which the government will contribute a starting educational capital in the amount of 60 MCI (for children aged 5 years). As a result, this account will accumulate funds from voluntary contributions from parents, an annual state premium of 5-7% and investment return. Thus, minimum monthly contributions of 1 MCI (3,450 tenge in 2023) will turn to sum up to over 3.3 million tenge by 18th birthday.
“The participation of LICs in the National Foundation for Children project, which starts on January 1, 2024, is being considered in parallel. Thus, the income of the National Fund will be distributed among all children under the age of 18 by transferring it to children’s special savings accounts without the right of early withdrawal,” states the executive of LIC Kommesk-Omir.
Oleg Khanin believes that if, along with the UAPF, life insurance companies are included as operators, then in addition to the savings and accumulative instrument, LICs can supplement this product with life insurance of child or parent, which “will give project participants another big pro.”
The CEO of LIC Freedom Life, Azamat Yerdessov, claims that LICs will be assessed by the regulator according to ESG principles in 2024. According to him, the insurance sector is already actively implementing various ESG practices and projects. “For example, the activities of LIC Freedom Life include not only the development of digital life insurance products. We are actively involved in the development of such areas as financial literacy, social responsibility, art, culture, sports, environmental responsibility and other significant areas,” he assured.
Deputy Chairman of the Board of LIC Nomad Life Yelena Taitugoleva also mentions new standards on CAI, which relate to special social benefits, preventive and rehabilitation measures in relation to the employee. “This proposal is aimed at resolving the issues of the so-called “regressors”, the emergence of which has been caused by the change in the CAI law in 2015, which has replaced the receipt of lifetime payments under CAI with payments until reaching retirement age,” explains Yelena Taitugoleva.
Another innovation in the law is that an insurance agent undergoes professional retraining organized by insurance organization at least once every three years. “This will improve the professional training of insurance agents, which will have a positive impact on the quality of insurance services provided by agents,” says Zhanar Zhubaniyazova, the LIC Halyk-Life executive.
Source: https://kapital.kz/finance/121998/chto-izmenit-sya-v-sektore-strakhovaniya-zhizni-v-2024-godu.html
Photos are from open sources.
