This was announced by the Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market Madina ABYLKASYMOVA at a meeting with insurance companies on the results of the Agency's supervisory policy in 2021 and key priorities of the supervisory policy of the insurance sector for 2022.
In March 2021, the document "Main Priorities of the Supervisory Policy of the Insurance Sector" was for the first time developed and published, within the framework of which risk-based supervision was carried out. Insurers in 2021 carried out an independent risk assessment, guided by the Insurance Regulatory Information System (IRIS) methodology.
In 2021, the Agency carried out assessment of adequacy of insurance reserves for the socially significant mandatory class of employee accident insurance. In the first half of 2022, the Agency will again assess adequacy of insurance reserves for the mentioned class.
It is noted that in 2022, preparation for implementation of the International Solvency Standard for Insurance Organizations Solvency II and International Financial Reporting Standard No. 17 "Insurance Contracts" will be an important step. The market will also continue digitalization of insurance services in accordance with the Concept for Development of Financial Technologies and Innovations for 2020-2025.
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