The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has outlined plans to liberalize entry conditions for foreign insurer branches under the draft insurance market development program through 2030. The proposed framework would replace the current emphasis on a minimum USD 5 billion asset threshold with a risk-based assessment covering the parent company’s financial strength, capital adequacy, credit rating, ownership transparency, governance, risk management and home-country supervision. The reforms would review the minimum aggregate asset threshold, remove the requirement for 10 years of experience across all insurance lines and classes, and introduce simplified licensing for foreign insurers rated at least A-. Firms would not need to resubmit verifiable information already contained in international group reporting or available to a foreign regulator. The agency could still request additional information, impose specific conditions or refuse a license where material regulatory risks exist. Once admitted, branches would operate on the same terms as Kazakh insurers and comply with local solvency, asset and liability, disclosure and consumer protection requirements.
2026-08-25Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan plans risk-based access for foreign insurer branches
Kazakhstan’s financial market regulator plans risk-based entry rules for foreign insurer branches, including a review of the current USD 5 billion asset threshold and removal of the 10-year experience requirement. Insurers rated at least A- could use simplified licensing, while the regulator would retain powers to impose conditions or refuse entry. Licensed branches would be subject to the same local requirements as Kazakh insurers.