Legislative amendments will allow people and enterprises to conclude insurance contracts through the Internet without visiting the insurance companies’ and brokering agents’ offices. For example, you can purchase a policy through the website of an insurance company online. After payment, the client receives a unique insurance agreement number, which is assigned by the Unified Insurance Database.
An additional guarantee of insurance payments for socially significant life insurance products is being introduced. Provision is made by the Fund to guarantee the obligations on insurance payments on pension annuities and annuities of employees who have lost their ability to work. The guarantee will be in force during the liquidation of the insurance company until all liabilities are passed to another insurance company.
As explained in the conclusion of Committee on Finance and Budget of Mazhilis, amendments were made to improve the legislation in insurance, as well as to activate the domestic stock market, increase its liquidity, efficiency and competitiveness.
Amendments are aimed at participating in the guarantee system of life insurance companies, determining the procedure for guaranteeing annuity payments, ensuring the principle of the continuity of the insurance policy throughout the year, regardless of the number of insured events, and increasing the limits of the insurer's liability for harm caused to a victim’s life and health in compulsory insurance of civil liability of vehicle owners.
It is assumed that the bill will be a motivation for employers to create safe production conditions through the establishment of flexible insurance tariffs. The document is sent for further consideration to the Senate of the Parliament.
Source: Interfax-Kazakhstan
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