2.2.23. Carrying on Contracts of Insurance
2.2.23.1. General description
Carrying on Contracts of Insurance is listed in section 23 of Schedule 1 of GEN. It means carrying on Contracts of Insurance as Principal.
Carrying out insurance contracts relates to the performance of obligations under contract after it has been entered into, such as:
(a) collecting premiums;
(b) the maintenance of records; and
(c) handling and paying claims.
Acting as principal implies exclusion of agents who act on behalf of insurers.
A Person, who is an Authorised Firm authorised to carry on the regulated activity of Carrying on Contracts of Insurance is subject to prudential supervision and must comply with AIFC Insurance and Reinsurance Prudential Rules
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.
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Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants? |
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Yes:
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Your services will be subject to the AIFC Rules on Currency Regulation: |
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Name of allowed activity: |
(1) Direct voluntary insurance (a) air transport insurance (b) water transport insurance (c) space objects insurance (d) insurance of cargo related to air transport, water transport and space objects (e) legal liability insurance of air transport owners (f) legal liability insurance of water transport owners (g) legal liability insurance of space objects owners (2) Reinsurance activities (a) acceptance of all risks from Kazakhstani insurers for reinsurance (3) Additional types of insurance (a) insurance of guarantees and bails (b) insurance of court costs (c) title insurance (d) Islamic insurance (4) New types of specific risks insurance (a) catastrophe risks (b) climate related risks (c) cyber risks (d) terrorism related risks (e) political risks
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Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation: |
2.1., 2.2., 2.4., 2.5. |
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Type of currency: |
Any currency |
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Transaction: |
Via AIFC Banks: only foreign currency Via second-tier banks: any currency |
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Currency reporting: |
No specific reporting for a financial service. Transactional reporting may be applicable (see Chapter 4 of PERG for more details).
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No: |
Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. |
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For more details see Chapter 4 of PERG.
2.2.23.2. Exclusions
There are none.