President of the Republic of Kazakhstan Kassym-Jomart Tokayev signed the Law of the Republic of Kazakhstan "On amendments and additions to certain legislative acts of the Republic of Kazakhstan on the regulation and development of the insurance and the securities markets, as well as the banking activities."
The amendments cover such Laws as those governing “Insurance Activities”, “Securities Market”, “State Regulation, Control and Supervision of the Financial Market and Financial Organisations”, “State Property”, “The National Bank of the Republic of Kazakhstan”, and “Payments and payment systems.”
The law will provide opportunities to expand the activities of insurance and re-insurance companies that are AIFC participants. It will also provide opportunities for AIFC participant-banks to open correspondent accounts in second-tier banks in Kazakhstan.
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