ALMATY (NBK press service) — The National Bank of Kazakhstan has suspended a license for the insurance activity of Kompetenz due to the insurer’s failure to comply with the prudential regulations requirements, the press service of the Kazakh central bank said in a statement on Wednesday.

In accordance with the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 30, 2018 № 155 On the Joint-Stock Company “Insurance Company Kompetenz”, the license for the right to carry out insurance (reinsurance) activities in the “general insurance” industry (including reinsurance activity) issued to Joint Stock Company “Insurance Company Kompetenz” (hereinafter IC Kompetenz), 2016 № 2.1.24 (hereinafter “license”) is suspended for 6 months from September 15.

The motivation of the National Bank is the non-compliance with the requirements of prudential standards established by the legislation of the Republic of Kazakhstan on the right to carry out:

• types of compulsory insurance;
• the reinsurance activity;
• an insurance of civil liability, except for the classes specified in paragraphs 9) — 11) of the Law of the Republic of Kazakhstan “On insurance activities”.

IC Kompetenz is prohibited to conclude any new insurance (reinsurance) contracts, including the extension of existing insurance (reinsurance) contracts and their amendment, providing for increase insurance premiums, the amount of liability of the insurance (reinsurance) organization, and to carry out insurance intermediation as an insurance agent for the following types of activities:

• compulsory insurance;
• reinsurance activity;
• insurance of civil liability, except for the classes specified in paragraphs 9) - 11) of the Law of the Republic of Kazakhstan “On insurance activities”.

For earlier concluded contracts of insurance (reinsurance), IC Kompetenz is obliged to fulfil its obligations.