INFORMATIONAL MESSAGE
How to return money from an insurance annuity to the UAPF?
According to the Law of the Republic of Kazakhstan "On Amendments and Additions to some Legislative Acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market, banking activities", a number of amendments to regulatory legal acts are being introduced, including from September 12, 2022 to Article 60 of the Law of the Republic of Kazakhstan "On Pension Provision in the Republic of Kazakhstan" (hereinafter – the Law).
Paragraph 14 of Article 60 of the Law establishes that persons who have concluded a pension annuity contract have the right to apply to an insurance company no earlier than two years from the date of its conclusion with an application for changing the terms of the contract in terms of reducing the amount of insurance payments and returning money to the UAPF. The amount of money to be returned to the UAPF is equal to the difference between the redemption amount under the pension annuity agreement as of the date of amendments to it and the amount of the insurance premium calculated based on the amount of payment determined by paragraph 2 of Article 59 of the Law as of the date of amendments to the pension annuity agreement.
In other words, the insurance company should have an amount that ensures for life the amount of the monthly insurance payment of at least 70 percent of the subsistence minimum effective on the date of amendments to the pension annuity agreement.
We emphasize that this paragraph also applies to legal relations arising from pension annuity agreements concluded before the Law came into force.
To make a refund to the UAPF, the depositor (recipient) from 12.09.2022 should contact the insurance company with which the depositor (recipient) has concluded a pension annuity agreement, with an application for changing the terms of the agreement in terms of reducing the amount of insurance payments and returning money to the UAPF.