BAKU, Azerbaijan, Jun.8
By Nargiz Sadikhova - Trend:
The new insurance system in agro-industrial complex has been introduced in Kazakhstan, Trend reports with reference to Kazakhstan’s Ministry of Agriculture.
The insurance system’s operator will be the Agricultural Financial Support Fund, a subsidiary of Kazakhstan’s KazAgro Holding.
The newly-introduced insurance system oversees that the agricultural insurance is now voluntary. Also, there no longer will be restrictions on sectors, as any directions within the agricultural sector can be insured.
Thirdly, state support is now provided in the form of subsidizing insurance premiums. The state support is aimed at stimulating agricultural producers and reducing the cost of the insurance contract by half: 50 percent of the insurance premium amount will be subsidized by the state, for which about 2.5 billion tenge ($6.2 million) has been allocated from the state budget.
All procedures, from the conclusion of the contract to the payments themselves, will be carried out via the Qoldau.kz electronic platform based on the electronic digital signature of the agricultural producer. Automation of processes will minimize the human factor and ensure transparency of work.
In order to ensure against the risk of moisture lack, the farmer must conclude an insurance contract until June 15, 2020. The insurance period will cover three months, i.e. from May 15 to August 15, 2020.
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