KAZAKHSTAN: new law is targeted at protection of interests of citizens and insurance market development
The new law named "Concerning the Introduction of Amendments and Additions to some legal acts on insurance issues and insurance activity, equity market" should improve insurance legislation, first of all it should protect interests of citizens when they get any insurance services and develop the insurance market. Apart from conclusion of insurance agreements via internet, the law also changes the approach to travel insurance - it will focus not on travel companies' liability insurance, but on insurance of tourists with round-the-clock access medical services abroad.
Besides that, the law expands activity of the insurance ombudsman. Customers, having any type of insurance, may apply to the insurance ombudsman for protection in cases of disagreement with indemnity amount. The law introduces additional guarantee for insurance payments under socially important life insurance products, as well as guarantee for fulfillment of obligations on insurance payments on pension annuities and annuities of incapacitated persons. The guarantee will stay valid even during the period of an insurance company's liquidation until transfer of pledges to another insurer, informed the portal allinsurance.kz.
The amendments also increased limits of insurers' responsibility for damage caused to life and health of victims, as part of compulsory insurance of civil liability of vehicle owners. The law clarified certain norms related to the activity of the insurance indemnity guarantee fund, correct statement of the rules governing retention of a premium part by insurers in case of early termination of compulsory insurance of civil liability of the carrier to passengers and civil liability of vehicle owners.