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The financial regulator outlined the main priorities for the insurance sector development

The insurance market representatives met with management of the Agency for the Financial Market Regulation and Development in Almaty. The regulator shared a detailed plan for insurance development in the Republic of Kazakhstan, the press service of IC Eurasia reports.
The financial regulator outlined the main priorities for the insurance sector development

The agency’s priorities will be improving insurance market regulation and consumer rights protecting, developing measures to prevent insurance fraud, developing accessibility of services through improving online insurance and streamlining reporting, increasing the attractiveness of endowment insurance, and creating conditions for pension annuities to become real alternative to traditional retirement savings.

The regulator will take measures to rise of risk management of insurance organizations, including the introduction of elements of the international regulatory system Insurance Regulatory Information System (IRIS), a more flexible system for charging compulsory insurance types will be introduced, and a pulling system for imputed types of insurance will be further developed to create an effective risk redistribution system. Life insurers will get access to the State Educational Accumulative System.

“We were all very interested in hearing the opinion of the agency chairman Madina Abylkasymova about the prospects for Kazakhstani insurance market development. I absolutely agree with the regulator’s opinion that the necessary condition for the insurance market successful development is a more adequate understanding by insurers of the modern economy realities. My impression is the regulator being deeply involved in the insurance problems and having solutions to them,” said Boris Umanov, the Board Chairman of JSC Eurasia Insurance Company, at the end of the meeting.

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