National Bank suspends insurance (re-insurance) license of Life Insurance Company "Asia Life" for three months

KASE, November 2, 2018/ – The National Bank of the Republic of Kazakhstan (National Bank) published the following press release on its website on November 2, 2018: quote The validity of the license for conducting insurance (re-insurance) activities in industry Life Insurance No. 2.2.48 dated January 30, 2018 (hereinafter, the License) issued to Life Insurance Company "Asia Life" (new name of Life Insurance Company "Freedom Finance Life"*, hereinafter, LIC Asia) was suspended in accordance with the Resolution of the Board of the National Bank of the Republic of Kazakhstan No. 239 dated October 29, 2018 for three months for violation of prudential standards in respect of: - annuity insurance; - compulsory insurance of employee against accidents when he/she performs his/her work (office) duties (hereinafter, workers’ compensation). Before the expiration of the License suspension period, JSC LIC Asia Life is prohibited to enter into new insurance (reinsurance) agreements, including the extension of existing insurance (reinsurance) agreements and their amendment, providing for an increase in insurance premiums, liability of the insurance (reinsurance) organization, as well as insurance mediation as an insurance agent by type of insurance in voluntary and mandatory forms. According to previously concluded insurance (reinsurance) agreements, JSC LIC Asia Life is obliged to fulfill the obligations assumed. The License for the right to carry out insurance (reinsurance) activities in annuity insurance and workers’ compensation is deemed to be suspended from the date of bringing Resolution No. 239 to the notice of JSC LIC Asia Life (from 31 Oct 2018). * reissue of a license for life insurance activities is required due to change of name of the company unquote [2018-11-02]