KAZAKHSTAN: regulator sets the task of Solvency II introduction

3 October 2019 — Marina MAGNAVAL
The National Bank of Kazakhstan has set the task of changing the country's insurance sector by introducing Solvency II standard in the forecast of economic development of Kazakhstan for 2020-2024, as Allinsurance.kz reports.

"We support transition to Solvency II, this will definitely help Kazakh insurers to optimize risk management, eliminate weak points in the standard structure and change the entire management system of insurance companies", as the Executive director of the market leader - EURASIA, Shakir IMINOV commented.

Insurers see introduction of Solvency II as tightening of capital adequacy requirements, which may significantly affect financial stability of companies.

IMINOV believes, that if Solvency II system is built correctly, insurers can count on a decrease of the regulator's attention. "The main thing is that Solvency II should be perceived by insurers as a necessary tool, which helps and does not interfere with business. It is worth recognizing that phased application of some Solvency II elements is really important", the Executive director of EURASIA added.

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