The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
Are pension savings transferred to an insurance company under a pension annuity agreement guaranteed in the event of its liquidation or license revocation?
According to part two of paragraph 4 of Article 11 of the Law of the Republic of Kazakhstan "On Insurance Activities" and other legislative acts, insurance organizations are required to participate in the insurance payout guarantee system.
The guaranteeing of insurance payouts is carried out by the Joint Stock Company "Insurance Payments Guarantee Fund" (hereinafter — the Fund). In accordance with paragraph 2-1 of Article 7 of the Law of the Republic of Kazakhstan "On the Insurance Payments Guarantee Fund", pension annuity insurance is among the guaranteed types of insurance.
In the event of liquidation or license revocation of an insurance company that has entered into a pension annuity agreement, the Fund ensures the continuity and timeliness of insurance payments under such agreements. Until the transfer of the insurance portfolio to another insurance company holding a license in the field of "life insurance," payments are made by the temporary administration.
Thus, pension savings transferred to an insurance company under a pension annuity contract are under state guarantee through the Fund. In the event of the liquidation of the insurance company, the insurance payment obligations to insured persons will be fulfilled in full.
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.
