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2.2.24. Insurance Management
GUIDANCE
AFSA Guidance for Over-the-Counter Transactions with Digital Assets
Guidance for AIFC Banks conducting settlement for Digital Asset Trading Facility Operators and Digital Asset Service Providers
Perimeter Guidance
2. AUTHORISATION (GETTING REGULATED)
2.2. Becoming regulated as an Authorised Firm
6. MISCELLANEOUS
The List of financial services and ancillary services provided by the Astana International Financial Centre participants, subject to the financial monitoring
SELF-ASSESSMENT OF INTERNAL QUALITY CONTROL MONITORING PROGRAM
Practical Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
Entire Act

2.2.24. Insurance Management

2.2.24.1. General description

Insurance Management is listed in section 24 of Schedule 1 of GEN. It means:

(a)     performing underwriting or administration functions for or on behalf of an insurer or Captive, for the purposes of that insurer effecting or carrying out a Contract of Insurance as principal; or

(b)     arranging reinsurance for and on behalf of an insurer or Captive for whom it is underwriting;

(c)     performing underwriting or administration functions for or on behalf of a Takaful Operator or a Captive Takaful Operator, for the purposes of that Takaful Operator effecting or carrying out a Takaful Contract as principal; or

(d)     arranging Retakaful for and on behalf of a Takaful Operator or Captive for whom it is underwriting.

For the meaning of “administration”, “underwriting”, “insurer” and “Takaful Operator” see section 24 of Schedule 1 of GEN.

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

Currency regulation implications

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

Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

 

Your services will be subject to the AIFC Rules on Currency Regulation:

 

Name of allowed activity:

Offering Insurance Management to residents of Kazakhstan is prohibited.  

 

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

Not mentioned  

 

Type of currency:

Not applicable

 

Transaction:

Not applicable

 

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

 

No:

AIFC Rules on Currency Regulation do not apply. 

For more details see Chapter 4 of PERG.

2.2.24.2. Exclusions

There are none.