AFS characterized the insurance market of Kazakhstan as of May 1, 2008

/IRBIS, May 22, 08/ - Kazakhstan agency for financial market and financial organizations regulation and supervision (AFS) in its scheduled press- release dedicated to condition of the republic's financial market has characterized the country's insurance market as of May 1, 2008. According to AFS, as of May 1, 2008, in compliance with the licenses issued by the Agency, 41 insurance (reinsurance) organizations deal with insuring activity, at that 7 organizations have licenses for life insurance, 28 - licenses on compulsory insurance of transport owners' civil responsibilities. Also, on the market of insurance services 12 brokers and 49 actuaries are acting. Changing of main indicators, characterizing the condition of insurance sector of Kazakhstan (in bn. KZT) --------------------------------------------------------------------------------- Changing (in %) relative to values ----------------------------- As of May As of Apr As of Jan As of May Indicator 1,08 1,08 1,08 1,07 ----------------------------------------- --------- --------- --------- --------- Joint assets* 261.2 +0.1 +16.8 +73.4 Joint shareholders equity 138.2 +0.5 +9.4 +52.4 Insurance reserves 105.8 +0.0 +22.5 +27.5 Volume of insurance premiums, received by agreements for direct insurance 43.7 +3.1 -70.3 -7.2 Volume of insurance premiums on life insurance 1.2 0 -74.5 -20.0 Sum of insurance premiums, given to reinsurance 20.7 +4.0 -66.5 -23.9 Volume of insurance payments made by agreements of direct insurance 13.8 +0.7 -72.0 +43.8 --------------------------------------------------------------------------------- * Sum of assets is indicated with consideration of stake of re-insurer (changes, included by resolution of Board of NB RK ¦86 dated July 20, 2007) The volume of insurance premiums on compulsory insurance made KZT5.7 bn. and increased by 67.2%, on voluntary private insurance - KZT6.2 bn. (increased 72.9 %) and on voluntary property insurance - KZT31.8 bn. (growth 20.5 %). Currently in the system of guaranteeing the insurance payments are participating 31 insurance (reinsurance) organizations. As of May 1, 2008 with objectives of removal the abortion of legislation, regulating the activities of insurance market, 11 letters-directions, 25 written agreement, 7 letter obligations and 1 written notifications were directed by the Agency to the address of insurance organizations. As of May 1, 2008 on the basis of Board of Agency resolution the license of Company for life insurance Valut transit Life, KKZ and MS Interteach and Premier Insurance were stopped. According to Resolution of Board of Agency dated January 9, 2001 #2 the license of Insurance company Valut transit polis was withdrawn for not elimination the reasons of withdrawal. From the beginning 2008 on the basis of corresponding Board of Agency Resolutions, the license were given to Life insurance company Astana- finance JSC and insurance company Sak Insurance. In accordance with resolution #66 of Agency's Board, dated April 28, 2008 Broker Insurance Company Alua LLP was withdrawn the license on conducting the activity of insurance broker #2, dated December 5, 2001 for not elimination the reasons of withdrawal; in accordance with resolution #65 of Agency's Board, dated April 28, 2008 Broker Insurance Company Brand Securities LLP was withdrawn the license on conducting the activity of insurance broker #10, dated August 1, 2005 for not elimination the reasons of withdrawal; As of May 1, 2008 condition there are 2 insurance companies in the process of forced liquidation by the court decision. As of May 1, 2008 the liquidation process of IC Mega Polis OJSC was concluded, in accordance with court determination, dated February 12, 2008 and the order #3-03-421, dated April 1, 2008 about excluding from register of legal entities. [2008-05-22]