Among the important innovations are the introduction of new socially significant life insurance products, a further digitalization of the insurance industry, development of a system for guaranteeing insurance payments and improving the mechanism for protecting the rights of insurance service consumers.
“An important innovation for policyholders, worth paying attention to, is expansion of the list of insurance classes covered by the guarantee of the Insurance Payments Guarantee Fund. The Fund’s guarantee will cover all mandatory and socially significant classes of insurance, including joint retirement annuities and life insurance within the SESS. If the Fund's guarantee covers only 5 types of insurance now, then after the law enactment, the number of guaranteed types of insurance will increase to 10, i.e. it will double,” notes Sagi Azhibek, head of the insurance market development department of the ARDFM.
The fund guarantee means that in the event of liquidation of the insurance organization, this organization will be responsible for its obligations to its customers. Similar functions on bank deposits are carried out by the Kazakhstani Deposit Insurance Fund.
Photos are from open sources.
