Kazakhstan: introduction of imputed insurance is planned

The Chairman of the National Bank of Kazakhstan Daniyar AKISHEV explained about introduction of imputed insurance and expansion of the activity of the insurance ombudsman in the country.

Imputed insurance is mandatory for some professions (the equivalent of professional liability insurance, in many respects). In the framework of imputed insurance, specific laws on compulsory types of insurance introduction are not required. Minimum (standard) insurance conditions can be regulated by the legislation and detailed ones by the agreement of parties, taking into account the activity specifics and interests of a client. According to AKISHEV its introduction will let insurers and their clients determine clear risk lists and set correct insurance tariffs. The main advantage here is individual approach to customers.

Also, the Chairman of the National Bank added that "powers of the insurance ombudsman will cover all insurance classes. At the moment the insurance ombudsman's powers cover only insurance of car owners' liability. There will be settled disputes of individuals and small enterprises for dispute amounts of up to KZT 24 million. This limit was set based on international experience".

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