More NewsKazakhstan Mulls Business Liability Insurance

Kazakhstan Mulls Business Liability Insurance

Kazakhstan’s first deputy prime minister, Bakytzshan Sagintaev, has said that the country is studying ways to introduce business liability insurance to replace scheduled government inspections, according to local press reports.

“Given the best international practices, the government is planning to replace state control audits and inspections with business liability insurance,” Sagintaev announced at a meeting of the board of national investors, held in the Kazakhstan capital of Astana on 11 April.

“Within the revision of approaches to the state supervision, we plan to get away from scheduled inspections and move towards more effective control based on risk assessment.”

Kazakhstan’s president, Nursultan Nazarbayev, who recently met with the US president, has commented noted that companies have yet to learn how to protect their business assets with insurance. “An insurer will be more vigilant than our state inspectors. This is a lot of work that we must accomplish. Companies have to learn how to insure their businesses.”

Separately, Nazarbayev said that Kazakhstan intends to boost its trade volumes with Bahrain, following his talks with Sheikh ?amad ibn ?Is? ?l Khal?fah in Astana.

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