Glossary still defines 'Captive Insurer' as group-only, contrary to PINS 14.1.1 (Class 2 and 3 since 2020); FEES fee rows depend on it

Glossary V23: Captive Insurer = Licence to carry on Insurance Business 'only for the business or operations of the Group to which it belongs'. PINS 14.1.1-14.1.2 (since 13.12.2020): Class 2 may take up to 20% of GWP from third-party risks; Class 3 insures persons in similar businesses (group captives). The PINS 'Working Schedule 1' list of defined terms also keeps the group-only text. FEES V18 charges 'Captive Insurance Business' USD 7,000 (application) / 4,200 (annual) versus 'Insurance Business' 14,000 / 9,800.

Proposed correction

Please define "Captive Insurer" and "Captive Insurance Business" in the Glossary by reference to PINS 14.1.1 and 14.1.2, and update PINS Working Schedule 1.

Jurisdiction

Kazakhstan — AIFC

Act

AIFC Glossary (GLO), V23

Place

Glossary V23, 'Captive Insurer'

Record

Discrepancy

Class

Amendments

Where it arose

The amending act

Arxo's conclusion

Confirmed

Official text

Unchanged at last check

Last checked

2026-10-25

Evidence

Contradiction within the text. Quotations are verbatim from the official material; translations are ours and marked.

An Authorised Firm with a Licence to carry on Insurance Business only for the

A Captive Insurer is an Authorised Firm with a Licence to carry on Insurance Business as a Class 1, Class 2 or Class 3 Captive Insurer.

Captive Insurance Business other than through a

Insurance Business 14 000

the GLO definition of Captive Insurer is amended to read “has the meaning given in PINS 14.1.1”

How to check it without Arxo's tools

1. Open AIFC Glossary (GLO), V23 and find Glossary V23, 'Captive Insurer'. Compare the text with the quotation above. A copy is kept in this register: 041617346ad87a9f-glo-v23.pdf (SHA-256 041617346ad87a9ff3634eff95b3b92f65ee5f4965298a2c1137b8b9a8374b45, copy of the official file).
2. Open AIFC Insurance and Reinsurance Prudential Rules and find PINS 14.1.1. Compare the text with the quotation above. A copy is kept in this register: 3f9031ccaf1b4673-aifc-insurance-and-reinsurance-prudential-rules.pdf (SHA-256 3f9031ccaf1b4673811786d2cd011df2d712e9245c96f21c34fbf532bfcbfff7, copy of the official file).
3. Open AIFC Fees Rules (FEES), V18, with amendments as of 13 November 2025 and find FEES V18 application fees table. Compare the text with the quotation above. A copy is kept in this register: b5e10ace11734eda-fees-v18.pdf (SHA-256 b5e10ace11734eda9e2edf7ab4dc62ef97ee659e460dbcb48ab5c4815f8de8f6, copy of the official file).
4. Open AFSA Consultation Paper AFSA-PSRD-CSP-2026-0005: Targeted Amendments to the AIFC Rules (15.07.2026) and find Consultation Paper AFSA-PSRD-CSP-2026-0005 (15.07.2026, closed, not adopted as of 25.10.2026), Part II, para 9 (GLO definitions). Compare the text with the quotation above. A copy is kept in this register: 05a2ed115abcc1ab-AFSA-PSRD-CSP-2026-0005.pdf (SHA-256 05a2ed115abcc1ab90a39c74ced2414b5a157d49522442ec652e29947cb34872, copy of the official file).
5. The finding holds if the quoted passages read as shown and the comparison gives the result stated at the top of this page. If it does not, write to us with the record ID.

How this finding was made

AI agents read the official texts, turned the provisions concerned into executable rules and ran the comparison; they also drafted this record. A person at Arxo checked the finding and approved the report before it was sent (2026-10-27).

Responsible institutions

• Astana Financial Services Authority (AFSA) — author of the AIFC Rules

Reported to

Responses

No response recorded.

Documents and reproduction

• AIFC Glossary (GLO), V23
• AIFC Insurance and Reinsurance Prudential Rules
• AIFC Fees Rules (FEES), V18, with amendments as of 13 November 2025
• AFSA Consultation Paper AFSA-PSRD-CSP-2026-0005: Targeted Amendments to the AIFC Rules (15.07.2026)

History

1. 2026-10-24Confirmed by Arxo
2. 2026-10-27Entered in the register
3. 2026-10-27Reported to Astana Financial Services Authority (AFSA) (e-mail)

Cite this record

Arxo Law, Arxo Findings Register, ARXO-2026-0137, https://arxo.io/findings/ARXO-2026-0137/ (status as of 2026-10-25). Data: ARXO-2026-0137.json.