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Effective date of introduction of legislative amendments and additions on insurance and insurance activity

Amendments and additions concern the Law of the Republic of Kazakhstan No. 166-VI "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Insurance, Insurance Activity, and the Securities Market", adopted on July 2, 2018 (hereinafter - the Law). Its effective date is July 15, 2018, the press service of the National Bank of the Republic of Kazakhstan reports.
Effective date of introduction of legislative amendments and additions on insurance and insurance activity

The law is aimed at increasing the accessibility, quality and decrease of cost of insurance services for individuals and business, protecting the consumers’ rights of insurance services, as well as the stock market activation.

Since its effective date, the Law provides for:

- Increase of insurance payments for causing harm to the life and health of the victim under compulsory civil liability insurance of vehicle owners

- Guarantee of insurance payments under retirement annuity and annuity contracts concluded for the benefit of injured workers in the workplace or their dependents;

- Examination of insurance disputes by the insurance ombudsman under all contracts of compulsory and voluntary insurance, with the right of the parties to appeal to a court;

- Legislative amendments of a supervisory nature increasing the transparency of the insurance market participants;

- Expansion of the stock exchange services;

- A direct admission of broker organizations to trading on the exchange currency market and the possibility of obtaining brokerage licenses for certain types of banking operations;

- Reduction of licensing procedures terms and optimization of reporting provided by professional participants of the securities market to the National Bank;

- Optimization of administrative liability measures in the stock market;

- Liberalization of requirements for investment funds’ creation, reorganization and operation.

As of January 01, 2019 the following amendments are introduced by the Law:

- Introduction of online insurance and strengthening of the insurance policy legitimacy in electronic form, allowing conclude insurance contracts through Internet resources of insurance companies;

- Introduction of compulsory life and health insurance for tourists traveling abroad instead of compulsory insurance of tour operator or travel agent responsibility;

- Integration of the Single Registrar and Central Depository services;

- Authority transfer to create and support the Expert Committee activity on securities manipulation from the stock exchange to the National Bank;

- Licensing procedure optimization related to the issue, placement and redemption of non-government equity securities;

- Information disclosure system improvement on the securities market;

- Improvement of procedures for holding a general shareholder meeting;

- Prevention of intra-corporate conflicts in the joint-stock company and counteraction to dishonest behavior;

As of July 01, 2019, the Law provides:

- Establishment of an integrated information system for the over-the-counter securities market;

- Optimization of the payment procedure of dividends on shares of the company by the joint-stock company.

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