AIFC Insurance Market: authorization and supervision

Day 1 – Introduction to the AIFC and the authorization process​
Review of the AIFC’s legal framework for financial services​

• The role of AFSA in the AIFC financial ecosystem​
• Key elements of the AIFC’s legal framework for financial services​
• Regulation of financial services within the framework of the AIFC​
• Navigation through the AIFC acts regulating various industries​

Review of the authorization process​

• Application and approval procedures​
• Basic regulatory requirements; ​
• List of required documentation​

Кейсы по авторизации​

• Examples of successful and unsuccessful applications​
• The role of professional consultants in the authorization process​
• Written test and group discussion

Day 2 – Regulatory requirements and supervision​

Regulatory requirements, reporting and compliance​

• Definition and types of insurance​
• Prudential requirements for insurance companies​
• Reporting requirements for financial and insurance organizations​
• Ensuring compliance with AIFC standards​

Surveillance system​

• The main functions and tasks of the supervisory authorities​
• Review of risk-based supervision

Risks and solvency in insurance​

• Risk-based capital​
• Analysis of the case on effective management of solvency standards​
• Written test and group discussion

• Online learning​
• Q&A Sessions​
• Presentations and recommendations from the trainer​
• Electronic certificate

Ubayda Kuttybayeva

An experienced specialist in the banking sector with extensive experience in investor relations and structured trade finance.

She has held key positions in organizations such as ATF Bank, BTA Bank and the Development Bank of Kazakhstan. Ubaida holds an MBA degree from Nazarbayev University Graduate School of Business (2020), and holds two bachelor’s degrees in International Relations and Finance and Credit.​

Work experience:

Since 2021, she has been working for the IFC Financial Services Regulatory Committee (AFSA), where she currently holds the position of Acting Director of the Authorization Department. In 2024, from April to November, she completed an internship at the Abu Dhabi International Financial Market Committee (ADGM) Financial Services Regulatory Authority (FSRA) Authorization Department.

In the same year, she received the CAMS (Certified Anti-Money Laundering Specialist) international certification, a certified anti—money laundering specialist. Her professional experience also includes international practice at Lufthansa German Airlines in Almaty.
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Ubaida is fluent in Kazakh, Russian, English, and German.

Bijigit Sagidolla

Senior Expert (Actuary) Department of Prudential Supervision of the IFC Financial Services Regulatory Committee (AFSA).

An experienced expert in the field of insurance market regulation, actuarial analysis and financial mathematics.​

Work experience:

Previously, he held the position of Deputy Head of the Insurance Market Development Department at the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARFR). ​