"Atameken" succeeded in solving problems in the field of insurance
The submitted proposals of NCE RK "Atameken" in the draft law on insurance were adopted
At the meeting of the Government of the Republic of Kazakhstan with the Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev, the draft law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Insurance and Insurance Activities" was considered. Within the framework of the draft law, more than 50 meetings of the working group were organized, which included representatives of the National Bank of the Republic of Kazakhstan, NCE RK "Atameken", the Association of Financiers of Kazakhstan, the Association of Kazakhstan Insurers and participants of the insurance market. "Atameken" in these discussions was a negotiating platform between the business and the developer. All proposals of NCE, aimed at increasing the accessibility and quality of provided insurance services, improving the effectiveness of consumer protection are fully taken into account. "One of the innovations is the introduction of the notion of imputed insurance.
This is a form of compulsory insurance with flexible conditions, taking into account the specific activities and interests of the client, which can be fixed in the contract on the basis of agreement between the parties. On voluntary insurance, the development of savings insurance products and their support through the system of tax incentives and incentives used in the practice of developed countries is important. It also provides for the introduction of accumulative insurance products with participation in the investment income of the insurer and the choice of an investment portfolio", Bekzhan Otarbayev, expert of the department of economics of NCE RK "Atameken" explained.
Bekzhan Otarbayev also added that 453 proposals on 15 blocks were worked out, 140 proposals were submitted from them, 67 were accepted, and compromises were made on 73 proposals. The draft includes the introduction of online insurance services, the optimization of mandatory types of insurance and fixing on the legislative level the definition of imputed insurance, improving the activities of insurance intermediaries. It is also planned to expand the functions of the insurance ombudsman, develop the insurance market infrastructure, regulate reinsurance activities, improve the supervision mechanism and regulate insurance activities.
Changes will make it possible to conclude contracts through Internet resources of insurance companies without visiting the office or participation of an agent. Online insurance will provide geographic accessibility and will reduce the cost of insurance services for the public and business. The insurance and payment procedures will be greatly simplified, which will significantly speed up all business processes. At the same time, the key element of online insurance will be the Unified Insurance Database (ECDB) for insurance contracts.
The database will be a single accounting organization and a "repository" for compulsory insurance policies. Formation of a "reference database", its integration with other databases will ensure the reliability of all data on customers of insurance organizations, premiums and payments, the validity of insurance tariffs. Also, the EBRD will provide the population with permanent access to their insurance contracts through a "personal cabinet".
Chairman of the National Bank Daniyar Akishev noted that the draft law is aimed at ensuring the growth of accessibility of insurance services not only in large cities, but also in the regions of the country. Also on improving the quality, reducing the cost of insurance services for the public and business. In addition, it is planned to strengthen the protection of consumer rights of insurance services and ensure financial stability of the insurance market. For reference: Kazakhstan's insurance market for many years supports the positive dynamics of key indicators. The volume of insurance premiums for 2016 amounted to 357 billion KZT, having increased twofold in five years. The total assets and equity for this period also increased by 2 times. Despite the dynamic growth of indicators, insurance in Kazakhstan is not yet an effective instrument of financial protection of property interests of the population, business and the state. Its importance in the development of the country's economy today remains low. One of the main indicators of the development of the insurance market is the share of insurance premiums in relation to GDP, which in the country did not exceed 1%. Insurance premiums per capita amounted to 20 thousand tenge. These indicators in other neighboring and developed countries exceed the indicators several times.
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