Kazakhstan Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Kazakhstan Insurance Industry Regulation Overview

The insurance industry in Kazakhstan is regulated by the Committee for the Control and Supervision of the Financial Market and Financial Organizations. The other body that oversees the market is the International Association of Insurance Supervisors (IAIS).

The Kazakhstan Insurance Industry Governance Regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        Committee for the Control and Supervision of the Financial Market and Financial Organizations

·        International Association of Insurance Supervisors (IAIS)

Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance

·        Aviation Liability Insurance

Key Taxes ·        Tax on Insurance Premium

·        Corporate Income Tax

·        Corporate Capital Gains Tax

·        Value Added Tax

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Kazakhstan Insurance Industry – Key Regulators and Legislation

Committee for the Control and Supervision of the Financial Market and Financial Organizations: The Committee became the insurance industry regulator in April 2011, under the supervision of the NBK. The industry was previously regulated and governed by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Institutions. The committee has structured specialized divisions to supervise and control different industries within the financial sector, with the insurance industry being regulated by the Insurance Sector, which monitors insurers, intermediaries, and reinsurers.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

Buy the Full Report for More Insights into the Key Regulators in the Kazakhstan Insurance Industry

Download a Free Report Sample

Kazakhstan Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Kazakhstan insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation liability insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Kazakhstan Insurance Industry Analysis by Compulsory Insurances

Kazakhstan Insurance Industry Analysis by Compulsory Insurances

Buy the Full Report for More Insights into Compulsory Insurance in the Kazakhstan Insurance Industry

Download a Free Report Sample

Kazakhstan Insurance Industry - Company Registration and Operation

Insurers are required to obtain a license to operate in the country. Article 14 of the Law on Insurance Activity 2000 states that insurers, reinsurers, and intermediaries are required to obtain a license from the Committee for the Control and Supervision of the Financial Market and the Financial Organizations in order to carry out any business in Kazakhstan. Furthermore, According to Article 22 of the Law on Insurance Activities 2000, an insurance company must be a commercial organization, established in the form of a joint-stock company, and must be registered with the Ministry of Justice to carry on insurance business in Kazakhstan.

Buy the Full Report to Learn More about Company Registration and Operation in the Kazakhstan Insurance Industry

Download a Free Report Sample

Kazakhstan Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Kazakhstan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax. Insurance premium tax is not imposed on policies issued in Kazakhstan however, Goods and Services Tax (GST) is imposed.

Corporate Income Tax: Any company that is established in the country or that provides services in the country is subject to corporation tax. Resident companies are taxed on their worldwide income, while -foreign companies that have an establishment in the country or derive income from the country through foreign participation and joint venture, even if they do not have an establishment, are subject to tax, calculated based on the income earned by the company. The standard corporate tax rate for domestic and foreign companies is 20%. Companies operating in Special Economic Zones (SEZ) are exempted from corporate tax.

Buy the Full Report to Know More about the Taxation Policies in the Kazakhstan Insurance Industry

Download a Free Report Sample

Scope

This report provides:

  • Details of the insurance regulatory framework in Kazakhstan.
  • Details of the rules and regulations governing insurance products and insurance entities.
  • Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework.
  • Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • Details of the taxation imposed on insurance products and insurance companies.

Key Highlights

  • The Committee for the Control and Supervision of the Financial Market and Financial Organizations under the National Bank of Kazakhstan is responsible for the supervision and control of the Kazakhstani insurance industry.
  • Composite insurance is not permitted in the Kazakhstani insurance industry.
  • 100% FDI is permitted in Kazakhstani insurance industry.
  • The government of Kazakhstan imposes corporate income tax at 20%; capital gains are taxed at 20% and exempt dividends from taxation.
  • The placement of non-admitted insurance is not permitted in the insurance industry of Kazakhstan.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Kazakhstan.
  • Track the latest regulatory changes and expected changes impacting the Kazakhstan insurance industry.
  • Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  1. Legislation Overview

    • Supervision and Control
    • Legislation

  2. Compulsory Insurance
  3. Non-Admitted Insurance Regulations
  4. Company Registration and Operation

    • License
    • Foreign Direct Investment / Ownership
    • Minimum Capital Requirements
    • Solvency Margins
    • Reserve Requirements
    • Statutory Return Requirements
    • Fee Structure

  5. Taxation

    • Tax on Insurance Premium
    • Corporate Income Tax
    • Corporate Capital Gains Tax
    • Value Added Tax

  6. Legal System
  7. Policy Practice
  8. About GlobalData
  9. Contact Us

Table

Kazakhstan – Premium Rates for Crop Insurance

Kazakhstan – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Kazakhstan – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

Kazakhstan Insurance Industry – Governance, Risk and Compliance thematic reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Kazakhstan Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Insurance reports
Financial Services
New
Augmented Reality (AR) in Banking - Thematic Intelligence
$995 | March 2024
Financial Services
New
Belgium Cards and Payments - Opportunities and Risks to 2028
$2,750 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Kazakhstan Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Kazakhstan Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.