KAZAKHSTAN: Motor insurance rates in Russia and Kazakhstan are planned to unify by 2015

8 May 2014 —
kazakhstan4The Chairman of the Competition Protection Agency of the Republic of Kazakhstan, Galym ORAZBAKOV, said during a briefing, that Russia and Kazakhstan intend to unify motor insurance rates by 2015, according to KAZINFORM agency.

"We, as the official body, appealed to the National Bank of Kazakhstan and they (National Bank) now are studying this issue with the Association of Financiers. It is planned to make an official proposal to the Eurasian Economic Commission to equalize the rates. I think that starting from the next year it will be fixed up, because it takes time to match (the rates): either to reduce Russian or raise Kazakh ones," said Galym ORAZBAKOV.

At the moment, if a car from Kazakhstan enters the territory of Russia, the owner must pay for motor insurance KZT 7,000, while the Russian car owner must pay just KZT 900 when enters the territory of Kazakhstan. Thus, because of the difference in regulatory documents Kazakh citizens have to pay almost eight times more at the gateway to Russia.

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