Kazakhstan Insurance Industry – Governance, Risk and Compliance
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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 |
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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.
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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
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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.
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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.
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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.
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Frequently asked questions
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Which is the key regulator of the Kazakhstan insurance industry?
The Committee for the Control and Supervision of the Financial Market and Financial Organizations is the key regulator of the Kazakhstan insurance industry.
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Which other body oversees operations in the Kazakhstan insurance industry?
The International Association of Insurance Supervisors (IAIS) is another body that oversees the Kazakhstan insurance industry.
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Which are the compulsory insurances required within the Kazakhstan insurance industry?
Some of the compulsory insurances required within the Kazakhstan insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, aviation liability insurance, and social security insurance.
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What are the types of taxes imposed upon the Kazakhstan insurance industry?
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.
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