The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has adopted amendments requiring insurance policies to disclose the exact insurance agent commission, both in KZT and as a percentage of the insurance premium. The amendments also require investment income generated under pension annuity contracts to be included when calculating surrender values upon early termination. Legal entities established by the Unified Accumulative Pension Fund using its own assets will also be permitted to conduct actuarial activities, expanding their permitted activities to include services used in insurance product development and pricing. The amendments also align regulatory terminology with Kazakhstan's Constitution and Digital Code. Distribution channels, pension annuity products and market infrastructure were among the areas considered in the agency's earlier work on an insurance market development programme through 2030 and a new insurance law.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan requires insurance commission disclosure and revises pension annuity surrender rules
Kazakhstan's Agency for Regulation and Development of the Financial Market has adopted rules requiring insurance policies to show exact agent commissions in KZT and as a percentage of premiums. The amendments require investment income to be included in pension annuity surrender calculations upon early termination. They also permit entities established by the Unified Accumulative Pension Fund using its own assets to conduct actuarial activities.