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What changes are to be expected by the life insurance clients?

Amendments and additions to certain legislative acts on insurance and insurance activities came into force in Kazakhstan. The purpose of amendments is to improve the legislation in the insurance field, primarily for protection of people’s interests when they receive insurance services, as well as development of the insurance market.
What changes are to be expected by the life insurance clients?

The amendments are aimed at expanding the activities of the insurance ombudsman. According to the document, an insurance company’s customer will now be able to apply for any type of insurance to the insurance ombudsman for protection in case of disagreement with the payment extent.

Besides, an additional guarantee of insurance payments for socially significant life insurance products was introduced. In particular, the Insurance Payment Guarantee Fund will be obliged to pay insurance payments on retirement annuities and annuities of workers who have lost their ability to work. The guarantee will be in force during the liquidation of the insurance company until all liabilities are transferred to the other insurance company.

Another innovation is that now Unified Pension Savings Fund depositors will be able to use not only required and voluntary pension contributions, but also mandatory professional pension contributions to pay insurance premiums when concluding a retirement annuity contract with an insurance organization or when making amendments to the current pension annuity contract.

Now if the amount of pension savings exceeds the amount of the retirement annuity contract concluded with the insurance organization, this difference is paid to the depositor from the UPSF in the form of monthly pension payments, or is used by the depositor to amend the current retirement annuity contract in terms of increasing the amount of insurance payments and insurance premiums under a pension annuity contract or for the conclusion of another pension annuity contract with an insurance organization.

Source: http://www.gak.kz/news_detail?news_id=176
Photos per websites://ptel.cz, http://expert.ru

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