Association of Insurers of Kazakhstan

The Association of Insurers of Kazakhstan (AIK) is an association of legal entities that represents the interests of insurance companies of the Republic of Kazakhstan. The association describes itself as a professional, expert and lobbying organisation that shapes professional opinion on issues facing the insurance industry. According to registration services, the Association of Insurers of Kazakhstan was registered in Almaty on 19 December 2013.

Mission and goals

The association was established to develop a consolidated position of insurance organisations on the development and functioning of the insurance market and to promote the industry's proposals to government bodies, the National Chamber of Entrepreneurs and Parliament. AIK's mission is to support the development of the insurance industry through participation in rule-making and law-making and to represent its members' interests before government bodies.

Main tasks

• organising cooperation among association members in the insurance market;
• developing internal documents and standards;
• training insurance market participants and employees of insurance organisations;
• considering disputes between association members;
• protecting members' interests and communicating information from the authorised body to them;
• informing the authorised body of possible violations of legislation by professional market participants.

Expertise and accreditation

The association's team carries out legal, financial and technical reviews of draft regulations and industry initiatives. AIK is accredited with the Atameken National Chamber of Entrepreneurs (the certificate is valid until 1 July 2027) and, in accordance with the Entrepreneurial Code, takes part in reviewing draft regulations and international treaties. Among the projects the association highlights on its website are work on the draft law on insurance activities, on changes to the regulation of compulsory liability insurance for vehicle owners, on the Supreme Court's normative resolution on judicial practice in insurance disputes, as well as proposals for the Concept for the Development of the Insurance Sector until 2030.

Members of the association

Insurance organisations, other insurance market participants and insurance infrastructure organisations that accept the association's charter may become members of AIK. The website lists 11 members, including the insurance companies Halyk, Amanat, Centras Insurance, Nomad Insurance, Alatau City Garant and Basel, the life insurance companies Centras Life and Nomad Life, insurance brokers, and State Credit Bureau JSC. The highest collegial body is the Association Council, which includes executives and experts from the insurance business; the chairman of the association is Vitaliy Verevkin.

Role in the market

AIK serves as a platform where insurers agree on a common position on industry regulation and communicate it to the regulator and legislators. The association cooperates with Kazakhstan's financial market institutions, including the Association of Financiers of Kazakhstan, the Insurance Ombudsman and the Atameken NCE, and with foreign industry associations, including the All-Russian Insurance Association, the Russian Association of Motor Insurers and the Belarusian Association of Insurers.

Official website: aik.kz