IDF commented on the issues …

In connection with the incoming inquiries of citizens on car insurance within the framework of the preferential car loan program, we announce the following.
Requirements for car insurance purchased under the preferential car loan program have been in force since 2015, from the moment the first program was launched. This is aimed at minimizing consumer credit risks arising from road accidents, natural, man-made phenomena and criminal actions of third parties.
The program provides for a restriction for banks to comply with the maximum annual effective rate of no more than 7.5%, taking into account the costs of the consumer for insurance and car registration.
For example, if the cost of a car is 10 million tenge, the insurance rate should not exceed 1.5% (150 thousand tenge) of the cost of the car. Additionally, the Fund, in order to reduce the financial burden on the consumer, sent the participating banks a condition on insurance on an annual basis (and not at a time for the entire lending period).