A client's insurance file is built to conclude and administer the contract, confirm the authority of the parties, assess risk and meet financial monitoring requirements. The list depends on the client's status, the type of insurance and the risk level.
Why an insurance company needs a client file
The file makes it possible to establish the identity of the client and the representative, verify authority, identify the beneficial owner, understand the purpose of the business relationship and assess whether transactions match the declared profile. At the same time the documents are used for underwriting, premium calculation, issuing the policy and settling insured events.
Insurance organizations are subjects of financial monitoring and are required to comply with the legislation on countering the legalization of proceeds of crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. Proper due diligence is carried out before the insurance premium is paid and/or an insurance payout is made in the cases provided for.
Documents of an individual
- identity card, passport or another permitted document;
- individual identification number (IIN) and contact details;
- address of residence or stay;
- insurance application and client questionnaire;
- information on the source of funds, when necessary given the risk level or the nature of the transaction;
- documents for the insured object: vehicle, real estate, property, or confirmation of an insurable interest;
- medical information and consents, for certain types of personal insurance;
- bank details for the refund of the premium or an insurance payout;
- consent to the collection and processing of personal data to the extent required.
For a foreign citizen, a passport, information on the right to stay in Kazakhstan, a tax number, an address in the country of residence and documents confirming status may be required. All foreign documents are submitted with a translation and legalization or an apostille, where required.
If a representative acts
The insurer identifies not only the client but also the client's representative. Usually the representative's identity document, IIN, power of attorney or another document confirming authority are requested. For the legal representative of a minor or of a person lacking legal capacity, documents confirming the status are necessary.
The power of attorney must allow the specific action to be carried out: submitting an application, concluding a contract, changing terms, receiving a payout or terminating the contract. An expired term, lack of the necessary powers or a mismatch of the signature may be grounds for refusing the transaction until the deficiencies are remedied.
Documents of a legal entity
Registration
BIN, name, registered address, information on state registration and types of activity.
Authority
The decision or order on the manager, the signatory's documents, the representative's power of attorney.
Owners
Ownership structure, participants, shareholders and information for identifying the beneficial owner.
Depending on the client, the following may also be required: the charter, licences and permits, financial statements, information on branches, bank details, documents for the insured object, staffing table or payroll, lists of employees and contracts confirming an insurable interest.
Beneficial owner
A beneficial owner is an individual who ultimately owns the client or controls it, or in whose interests the transaction is carried out. It is not enough to name only the director or the immediate founder if another controlling person stands behind a chain of legal entities.
For verification, the following may be requested: ownership structure charts, register extracts, constituent documents of participants, and information on shareholders, trusts and controlling persons. For a complex or foreign structure the volume of documents usually increases.
Financial monitoring checks
- screening the client, representative and beneficiary against the lists established by legislation;
- determining whether they are public officials or in related categories;
- assessing geographic, product and customer risk;
- establishing the purpose and intended nature of the business relationship;
- where necessary, confirming the source of financing of the transaction and the origin of funds;
- ongoing monitoring of the business relationship and updating information in line with risk;
- analysis of unusual, threshold and suspicious transactions.
A request for additional documents does not mean an accusation against the client. It may be a standard control measure, especially in the case of a large premium, a refund of money to a third party, a complex ownership structure, a transaction involving a foreign party, or a transaction inconsistent with the client's known profile.
Documents for the insured object
The composition of the insurance part of the file depends on the product:
- motor insurance: vehicle registration certificate, information on drivers, documents on the right of ownership;
- property insurance: title documents, technical characteristics, valuation, photographs and information on the protection of the object;
- employee insurance: employer data, payroll, list of employees and occupational risk class;
- medical and personal insurance: application, health declaration, medical documents and consents where permitted;
- liability insurance: contracts, licences, description of the activity and liability limits;
- cargo insurance: contract, invoice, route, transport documents and description of the cargo.
Requirements for document quality
Copies must be legible, complete and up to date. Do not crop the number, date of issue, signature, stamp or the reverse side of a document. Electronic files should be sent in the agreed format, without a password and undamaged. If information has changed, the client must notify the insurer and provide updated data.
Authenticity may be verified against originals, notarized copies, state databases and other available sources. When a relationship is established remotely, special identification procedures apply, including electronic means and biometric verification in the cases provided for.
Retention period and data protection
Documents and information obtained during due diligence, including the file and correspondence, are retained for at least five years from the termination of the business relationship, unless a longer period is established by the applicable rules. Access to them must be restricted, and the processing of personal data must comply with legislation.
A client should not send an identity card or banking details through random messengers or unknown addresses. Before sending, check the official domain, the employee's authority and the company's secure channel.
Checklist before handing over documents
- Clarify the official list for your specific product.
- Check the validity periods of documents and powers of attorney.
- Prepare legible copies of all pages.
- Provide current contact details and bank details.
- Transmit information only through the official secure channel.
- Keep confirmation of sending and the list accepted by the insurer.
Archive document
The original publication contained an old list of documents under Order No. 56. It is kept for historical purposes, but before applying it you must check whether the document is still in force and which provisions replaced it:
Download the archive: prikaz-56-perechen-dok-dlya-proverki-klienta-subektami-fin-monioringa.doc [42 Kb] (downloads: 263)
Conclusion
A properly built insurance file protects both parties: it allows the insurer to assess risk and comply with the law, and it allows the client to confirm their rights and speed up the arrangement of the contract or payout. Ask for a personalized list, provide accurate information and update documents in good time.
This material is for information purposes only. The exact list is determined by legislation, the insurer's internal control rules, the type of insurance and the client's risk level.