2.2.15.1. General description

Insurance Intermediation is listed in section 15 of Schedule 1 of GEN. It means:

(a)     advising on a Contract of Insurance;

(b)     acting as agent for another Person in relation to the buying or selling of a Contract of Insurance for that other Person; or

(c)     making arrangements with a view to another Person, whether as principal or agent, buying a Contract of Insurance.

For further details about “advising” and “arrangements” see section 15 of GEN.

A Contract of Insurance is any enforceable contract under which a “provider” undertakes:

(1)     in consideration of one or more payments;

(2)     to pay money or provide a corresponding benefit (including in some cases services to be paid for by the provider) to a ‘recipient’;

(3)     in response to a defined event the occurrence of which is uncertain (either as to when it will occur or as to whether it will occur at all) and adverse to the interests of the recipient.

An Authorised Firm authorised to carry on the regulated activity of Insurance Intermediation is subject to prudential supervision and must comply with AIFC Prudential Rules for Insurance Intermediaries and Insurance Managers.

Currency regulation

Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

For more details see Chapter 4 of PERG.

2.2.15.2. Exclusions

There are none.