KAZAKHSTAN: total amount of administrative fines against non-life insurers in 2018 reached KZT 173 million

According to the National Bank of Kazakhstan, in 2018, 18 out 20 existing insurers fell under the regulator's sanctions. 167 measurers were applied mostly in the form of administrative fines for non-life insurers in 2018 and reached a record amount of 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)

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