KAZAKHSTAN: some provisions of the new law will come into force on January 1

Part of the provisions of the new law "On amendment to some legal acts of the Republic of Kazakhstan on insurance and insurance activities, securities market", that was adopted on July 2, 2018, will come into force on January 1, 2019, including introduction of online insurance.

As reported by allinsurance.kz, the local insurance market is still inflexible and not sensitive to innovations. The possibility to introduce online insurance had been discussed by insurers for 5 years. Now, to adapt to the innovation, insurers plan to expand the number of partners through which they can offer online insurance.  

Among other changes - imputed insurance, which is to cover risks of emergency in crowded places. However, the law does not provide any exact period for introduction of this insurance type. According to the Chairman of the Board of KOMMESK-Omir Oleg KHANIN, this provision requires long discussion of appropriate limits, insurance conditions, tariff calculation, etc.

Besides, from January 2019 compulsory life and health insurance of tourists travelling abroad will be introduced. This insurance will be paid by tour operators, who will provide tourists with insurance certificates. The law established insurance limits of USD 10 thousand, 30 thousand and 50 thousand. This compulsory insurance, as explained KHANIN, will not cancel voluntary health insurance, used by tourists, travelling on independent basis.  

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