Legislative initiatives
The QCA advances changes to the insurance legislation of the Republic of Kazakhstan along four directions. Each proposal sets out the proposed provision, its rationale and a draft wording, drawing on international practice.
Include the actuarial association in the list of recipients of anonymised, detailed information from the unified insurance database (USDB, ЕСБД) for actuarial research, updating mortality measures and industry statistics.
CMI (IFoA), experience studies (SOA), DAV tables, statistical agents (NAIC).
A "collect once, use many" principle: the regulator derives secondary forms itself from primary data and the USDB, without requesting them again from insurers.
Bank of England "Transforming Data Collection", granular reporting by EIOPA (Solvency II).
An independent actuary outside the insurers' staff, a prohibition on circular mutual review, and a mandatory scope of independent review: full recalculation of reserves, review under IFRS 17, and run-off analysis.
OSFI E-15 (Canada), IFoA APS X2, Lloyd's SAO, ASOP 23/36/43 (USA).
Transfer of CPD record-keeping to the actuarial association, a public registry of completion, a shift from points to hours with an annual minimum and a mandatory category on ethics and standards.
CPD models of IFoA, SOA, CAS, CIA, Actuaries Institute.
The initiatives concern the Law of the Republic of Kazakhstan "On Insurance Activity" (No. 126-II), as well as resolutions No. 191, No. 177, No. 86 and No. 84 regarding the USDB, insurers' reporting, the independent actuary and the professional development programme. The full wording of the provisions and draft revisions are maintained in the Chamber's working documents.