Kazakhstan ratifies single insurance market within the EurAsEC

Kazakhstan’s Parliament has ratified the protocol to launch a single insurance market within the EurAsEC, a Tengrinews.kz journalist reports. “The protocol was signed November 27, 2009 in Minsk, Belarus. Concerted efforts to regulate the insurance market of the EurAsEC are based on the EurAsEC founding documents. The protocol is targeted at ensuring dynamic and smooth development of the insurance markets of the EuAsEC member states, competitive edge of insurance organizations, at bringing the insurance legislation of the member states in line with international norms and at strengthening economic ties between legal entities of the EurAsEC member states”, Vice Chairman of the National Bank Bissengali Tadjiyakov said when speaking before the Senate. According to him, the protocol covers such issues as concerted principles of licensing, forming of reserves and net worth, reinsurance schemes, requirements to solvency and financial stability, common approaches to mandatory third party liability insurance for vehicle owners, concerted requirements to protection of rights and interests of those buying insurance products. Mr. Tadjiyakov elaborated that the protocol seeks to bring to conformity applicable national legislations of the EurAsEC member states and ensure a greater access to insurance services. He also added that the ratification may call for certain amendments into the national legislation. The Eurasian Economic Community (EAEC or EurAsEC) originated from the Commonwealth of Independent States (CIS) customs union between Belarus, Russia and Kazakhstan on 29 March 1996. The Treaty on the establishment of the Eurasian Economic Community was signed on 10 October 2000.