RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 262

About approval of Rules of transfer of the insurance portfolio of the insurance (reinsurance) organization, and also features of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization and Rules of transfer of the insurance portfolio of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also features of transfer of the insurance portfolio in case of deprivation of the license of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan

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

1. Approve:

1) Rules of transfer of the insurance portfolio of the insurance (reinsurance) organization, and also feature of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization according to appendix 1 to this resolution;

2) Rules of transfer of the insurance portfolio of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also feature of transfer of the insurance portfolio in case of deprivation of the license of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan according to appendix 2 to this resolution.

2. Declare invalid the resolution of Board of National Bank of the Republic of Kazakhstan of December 26, 2016 No. 303 "About approval of Rules of transfer of the insurance portfolio and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization" (it is registered in the Register of state registration of regulatory legal acts at No. 14787, it is published on February 24, 2017 in Reference control bank of regulatory legal acts of the Republic of Kazakhstan).

3. 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 4 of this resolution.

4. 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.

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

6. This resolution becomes effective after ten calendar days after day of its first official publication.

7. Suspend till January 1, 2019:

1) item 4 of Rules, having determined that during suspension this Item is effective in the following edition:

"4. In the cases provided by Item part two 3, Item 5 of Article 37-1, item 4 of Article 54-1, Item 1-1 of Article 55, Item 3-1 of Article 56, Item 1 of article 69-1 of the Law, receipt of consent of insurers to transfer of the insurance portfolio is not required.";

2) the subitem 3) of Item 12 of Rules, having determined that during suspension this subitem is effective in the following edition:

"3) lack of the operating limited corrective actions and (or) sanctions applied by authorized body at the time of filing of application about intention to accept insurance portfolio of insurance company (further - the statement);".

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 262

Rules of transfer of the insurance portfolio of the insurance (reinsurance) organization, and also feature of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization

Chapter 1. General provisions

1. These rules of transfer of the insurance portfolio by the insurance (reinsurance) organization, and also features of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization (further - Rules) are developed according to the Law of the Republic of Kazakhstan "About insurance activity" (further - the Law) and determine procedure for transfer of the insurance portfolio by the insurance (reinsurance) organization, procedure and features of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization.

2. The basic concepts used in Rules:

1) the potential insurer acquirer – the insurance (reinsurance) organization which showed interest in adoption of the insurance portfolio;

2) the organization for guaranteeing payments - the organization guaranteeing implementation of insurance payments to insurers (insured, to beneficiaries) in case of liquidation of insurance companies on the guaranteed classes (types) of insurance included in system of guaranteeing insurance payments;

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