It is planned to introduce additional guarantee of insurance benefits regarding socially significant life insurance products in Kazakhstan. Such a measure is provided within the draft bill “On amendments and addendums to some by-laws of the Republic of Kazakhstan on insurance and insurance activity”. The Chairman of the National Bank, Daniyar Akishev, informed about it during the plenary session of the Mazhilis, as reported by the correspondent of Kapital.kz Business Information Center.
"Amendments to the legislation on compulsory insurance of employees against occupational accidents were made in May 2015. Dear lawmakers, you remember this law. We have discussed it a lot in the Parliament. An optimal balance of responsibility between the state, the employer and the insurance company was found. It allowed insuring of the system's stability for the future. However, additional guarantee mechanisms are required for savings on annuities,"- he said.
The draft bill provides for the guarantees by the Fund of obligations fulfillment on insurance benefit payments under retirement annuities and annuities of employees, who lost their ability for work. “The guarantee will be in force within the period of the insurance company winding-up prior to transfer of all liabilities to another insurance company. These amendments will allow recipients to get their money from the Fund in a timely manner. In order to create conditions for further full-fledged development of the insurance market, the draft bill provides for other amendments, as well” – clarified Daniyar Akishev.
Let us note that the deputies approved the draft bill "On amendments and addendums to some by-laws of the Republic of Kazakhstan on insurance and insurance activity".
Source of photo: http://etoday.kz