The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
What should I do if I disagree with the damage assessment to my vehicle made by the insurance company?
According to paragraph 5 of Appendix 2 to Resolution No. 14, any dispute regarding the calculation of the amount of damage by the victim (beneficiary) or their representatives shall be resolved in accordance with Article 29-1 of the Law on Compulsory Insurance of Civil Liability of Vehicle Owners.
Thus, paragraph 1 of Article 29-1 of the above-mentioned Law provides that in the event of a dispute arising from a contract of compulsory civil liability insurance of vehicle owners, the policyholder (victim, beneficiary) has the right to submit a written application either directly to the insurance ombudsman (including via the ombudsman’s website) or through the insurer (including via its branch, representative office, other structural unit, or its website), or to apply to the court for dispute resolution arising from the insurance contract, taking into account the specifics set forth in the Law on Insurance Activities.
Therefore, an insurance ombudsman operates in the insurance market of the Republic of Kazakhstan, who is an independent authority tasked with the resolution of relationships and out-of-court settlement of disputes between policyholders and insurance organizations arising from insurance contracts.
The insurance ombudsman conducts independent assessments, including through the use of software tools.
For citizens, applying to the insurance ombudsman is free of charge, and the ombudsman’s decisions are binding for insurance companies.
Please note that under paragraph 5 of Article 90 of the Law on Insurance Activities, filing a lawsuit in court is only permitted after a decision from the insurance ombudsman has been obtained.
What mistakes do borrowers most commonly make when taking out a mortgage?
The most common mistakes include underestimating one’s financial capabilities, focusing solely on the amount of the monthly payment without considering the total cost of the loan and the overall amount of interest paid, and overlooking additional expenses associated with purchasi...
What additional expenses, apart from the monthly payment, should be taken into account when purchasing a home with a mortgage?
When purchasing a home with a mortgage, it is important to consider not only the monthly loan payment but also additional expenses associated with acquiring and maintaining the property. These may include property appraisal costs, insurance, notarial and registration fees, taxes,...
Can a borrower lose their home due to a prolonged mortgage delinquency? What is the foreclosure procedure?
In the event of a prolonged failure to fulfill obligations under a mortgage loan, the legislation provides for the possibility of foreclosure on the mortgaged property. However, before such measures are taken, borrowers are provided with a number of tools to settle their debt. In...
What are the “gray” and “black” lists of droppers?
To combat dropper schemes, a centralized system for recording suspicious clients has been established. The system is operated by the Anti-Fraud Center of the National Bank, which receives information from banks, payment organizations, telecommunications operators, and law enforce...
What new requirements have been introduced for the remote issuance and reissuance of bank cards?
For the remote issuance and reissuance of bank cards, financial institutions are required to use two-factor authentication, including biometric identification. Bank cards may only be linked to Kazakhstan-registered mobile phone numbers, which reduces the risk of using foreign SIM...
What is “dropping” and what penalties are provided by law?
“Dropping” refers to the illegal provision, transfer, or use of access to a bank account, payment instrument, or identification tool, as well as the execution of unauthorized payments or money transfers, including on behalf of third parties, in exchange for financial compensation...
How has the regulator strengthened its oversight of collection agencies in recent years?
Since 2017, the Agency has pursued a regulatory policy aimed at strengthening oversight of collection activities, improving the functioning of the debt collection market, and reducing unfair collection practices. Since 2017, the following regulatory measures have been introduced:...
Does a debtor have the right to record a conversation with a collector?
Yes. Under subparagraph 7) of paragraph 1 of Article 16 of the Law on Collection Activities, a debtor and/or their representative has the right to independently record interactions with employees of a collection agency using audio and/or video recording equipment.
