KAZAKHSTAN: total amount of administrative fines against non-life insurers in 2018 reached KZT 173 million
In addition to enforcement of administrative measures, in 2018 the National Bank 9 times suspended insurers' licenses, in two cases measurers were taken in the form of license revocation. Totally, in 2018 the regulator imposed 90 administrative fines in 4 areas of insurers' activity. For violation of legislation on compulsory insurance fines amounted to KZT 21 million, for violation of legislation on accounting and financial reporting - KZT 28.5 million, for violation of legislation on countering legalization ("laundering") of income from criminal activity and terrorism financing - KZT 30.5 million, for violation of the requirements, established by the legislation on insurance and insurance activity - KZT 87.5 million, as allinsurance.kz wrote.
*EUR 1 = KZT 439.37 (31.12.2018)