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The ARDFM executive spoke about the life insurance market support

Madina Abylkassymova, the Chairperson of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARFDM), spoke at the Cfo Idea exchange & networking summit about the main areas for development of the financial market, the regulator’s press service reports. Much attention was traditionally devoted to the banking sector, but this time the financial regulator executive announced the support of life insurers.
The ARDFM executive spoke about the life insurance market support

The development of such products as Unit-linked is expected to enhance the life insurance companies’ influence as institutional investors in the Kazakhstan stock market.

“Arrangement of conditions for development of imputed insurance of professional liability of business entities to third parties is one of the measures for the general insurance industry development. The legislation provides for 8 types of professional liability insurance now, the bill will create conditions for expanding the range of professional risks arising from the provision of services by entrepreneurs to the population,” said the financial regulator executive.

In order to protect policyholders’ rights and interests, it is planned to expand the line of insurance classes subject to guarantees by the Insurance Payment Guarantee Fund, and introduce the mandatory pre-trial settlement the disagreements between the customer and insurance organization by the insurance ombudsman. In addition, a further digitalization of insurance services will be carried out.

Photos are from open sources.

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