Pursuant to the press service of the head of state, Nursultan Nazarbayev, President of the Republic of Kazakhstan signed the Law «Ratification of the Treaty to establish a common insurance market of the Eurasian Economic Community’s members-states” (dated 17 October 2012 № 40).
The Treaty was executed in Minsk on 27 November 2009.
The Treaty is aimed at the establishment of a common insurance market with Russia, Kyrgyzstan, Belarus and Tajikistan, the development and adoption within the EEC of measures to protect the rights and interests of the common insurance market participants.
The parties shall achieve a set of goals aimed at harmonizing the national laws of the parties regulating the insurance business, establishing a common system of insurance protection of rights and interests of the common insurance market as well as the development of uniform requirements to public policies pursued by the parties in the field of insurance markets regulation and insurance activities supervision.
According to the document, the parties shall bring the provisions of their national legislations regulating the insurance business into accordance with international standards and practices of insurance supervision as well as shall coordinate their activities in accordance with the cooperation agreement in the field of insurance within EurAsEc dated 27 April 2003. The parties shall also cooperate through joint activities aimed at supervision of insurance (reinsurance) companies located within the territory of one party, and established insurance (reinsurance) companies of the other party.
The treaty provisions shall stipulate: general licensing principles of insurance (reinsurance) companies, general approaches to compulsory civil liability insurance of vehicle owners, uniform requirements to authorized capitals of insurance (reinsurance) companies, uniform requirements to insurance reserves, classification (classes) of insurance, and protection of rights and interests of insurance consumers.
