The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market
Who is an insurance agent?
According to subparagraph 16) of Article 3 of the Law on Insurance Activities, an insurance agent is an individual or legal entity included in the register of insurance agents and engaged in intermediary activities for the conclusion of insurance contracts on behalf of and under the instruction of one or more insurance companies based on a power of attorney agreement.
According to paragraph 1 of Article 18 of the Law on Insurance Activities, the authority of an insurance agent to carry out intermediary activities in the insurance market is determined by the power of attorney agreement, taking into account the requirements of the Law on Insurance Activities and regulatory legal acts of the authorized body.
The requirements for the power of attorney agreement concluded between an insurance company and an insurance agent are established by a regulatory legal act of the authorized body.
The insurance agent personally performs the actions authorized by the insurance company and is not allowed to delegate these powers to another person.
It is prohibited to engage in insurance agency activities without proper authorization.
According to Article 846 of the Civil Code of the Republic of Kazakhstan, under a power of attorney agreement, one party (the agent) undertakes to perform certain legal actions on behalf of and at the expense of the other party (the principal). The rights and obligations under a transaction concluded by the agent arise directly for the principal. The power of attorney agreement must be made in writing.
Thus, the intermediary activity of an insurance agent in concluding insurance contracts on behalf of and under the instruction of an insurance company is carried out on the basis of a power of attorney agreement, concluded in compliance with the above legislative provisions.
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.
