KAZAKHSTAN: the license of Kompetenz insurance company for re/insurance activity revoked

The National Bank of Kazakhstan revoked the license of Kompetenz for re/insurance activity from February 1, 2019 due to repeated suspension of its license, as Allinsurance.kz informed.

From February 1, 2019 Kompetenz will no more perform any financial activities, including operations with existing accounts, except for cases related to expenses, stipulated by the regulatory legal acts of the authorities.

In 2018 the insurer took the 12th place in the market ranking in terms of GWP among 28 active insurance companies, at that GWP of the company dropped by almost 23% y-o-y, according to the statistical data of the National Bank of Kazakhstan.

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