RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 270

About establishment of requirements to the minimum size authorized and equity of insurance broker, procedure for forming of the assets of branch of the insurance nonresident broker of the Republic of Kazakhstan accepted as reserve, and their minimum size and approval of Rules of implementation of activities of insurance broker

According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Establish the following requirements to forming authorized and equity of insurance broker:

1) the minimum size of the authorized capital of again created insurance broker in form of business of limited liability partnership or joint-stock company, constitutes at least the size, stipulated in Item 2 articles 23 of the Law of the Republic of Kazakhstan "About partnerships with the limited and accessorial liability" and article 10 of the Law of the Republic of Kazakhstan "About joint-stock companies" respectively;

2) the minimum size of equity of insurance broker constitutes at least following sizes (in monthly settlement indicators, the size which it is established by the law of the Republic of Kazakhstan on the republican budget for the corresponding financial year):

for the insurance broker performing intermediary activities for the conclusion of insurance contracts on its own behalf and at the request of the insurer - 3 500 (three thousand five hundred);

for the insurance broker performing intermediary activities for the conclusion of agreements of reinsurance on its own behalf and at the request of the reinsurer (assignor) - 80 000 (eighty thousand);

The minimum size of equity of insurance broker constitutes 3) in case of combination of types of broker activities at least the sizes established concerning activities of insurance broker for the conclusion of agreements of reinsurance.

The minimum size authorized and equity of insurance broker constitutes 4) in case of combination of types of broker activities at least the sizes established concerning activities of insurance broker for the conclusion of agreements of reinsurance.

1-1. For the purposes of application of Item 1 of this resolution to branch of the insurance nonresident broker of the Republic of Kazakhstan under authorized and equity the assets accepted as reserve are understood.

2. Approve the enclosed Rules of implementation of activities of insurance broker.

3. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix to this resolution.

4. To the insurance brokers having the license of National Bank of the Republic of Kazakhstan for the right of implementation of activities of insurance broker till May 1, 2019 to bring the activities into accord with the subitem 3) of Item 1 of this resolution.

5. To department of regulation of the non-bank financial organizations (Kosherbayeva A. M.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and Item 6 of this resolution.

6. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

7. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kurmanov Zh. B.

8. This resolution becomes effective since January 1, 2019, except for the subitem 2) of Item 1 of the resolution which becomes effective since July 1, 2021, and is subject to official publication.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 270

Rules of implementation of activities of insurance broker

Chapter 1. General provisions

1. These rules of implementation of activities of insurance broker (further – Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further – the Law) and determine conditions and procedure of activities of insurance broker.

The provisions of Rules applied in relation to insurance brokers extend to branches of the insurance nonresident brokers of the Republic of Kazakhstan performing activities in the territory of the Republic of Kazakhstan based on the license of authorized body.

2. In Rules the concepts provided by the resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 203 "About approval of Rules and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool", registered in the Register of state registration of regulatory legal acts at No. 17460, and also the following concepts are used:

1) reinsurance the cover-note - the document processed by insurance broker in confirmation of the fact of acceptance of reinsurance slip concerning risk share (part of insurance sum) and conditions of reinsurance accepted by the overcautious person (group of overcautious persons, reinsurance pool) on reinsurance on which the insurance broker makes the corresponding mark confirming placement of risks on the conditions specified in it;

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