Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

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 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

(as amended on 12-02-2021)

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. Approve enclosed:

1) Rules of transfer of the insurance portfolio and feature 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 (further – Rules) according to appendix 1 to this resolution;

2) Rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date 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);".

Chairman of National Bank

D. Akishev

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 and feature 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

Chapter 1. General provisions

1. These rules of transfer of the insurance portfolio and feature 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 (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity in the Republic of Kazakhstan" (further - the Law) and determine procedure for transfer of the insurance portfolio by the insurance (reinsurance) organizations (further - insurance company), procedure and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of insurance company, and also in case of preservation or deprivation of the license of insurance company.

2. The basic concepts used in Rules:

1) the potential insurer acquirer - the insurance company which showed interest in adoption of the insurance portfolio;

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

3) transfer of the insurance portfolio - transfer by insurance company, temporary administration at stage of preservation or to the introduction in legal force of the judgment about involuntary liquidation of insurance company, liquidation commission of insurance company of the insurance portfolio consisting of obligations of insurance company according to the insurance contracts (reinsurance) signed by it, in other insurance company having the license on transferred (transferred) to class (classes) of insurance and being the participant of system of guaranteeing insurance payments;

4) the insurer acquirer - the insurance company accepting insurance portfolio;

5) liquidation commission - the body appointed (exempted) by authorized body in case of decision making of court about involuntary liquidation of insurance company, performing under direct management of the chairman of liquidation commission of power on property management and cases of insurance company during liquidation procedure for the purpose of completion of cases of insurance company and ensuring settlings with her creditors;

6) temporary administration - the body appointed by authorized body in case of preservation or deprivation of insurance company of the license for the right of implementation of insurance activity to the introduction in legal force of the judgment about involuntary liquidation of insurance company for the purpose of improvement of its financial position or ensuring safety of property with implementation of actions for ensuring management of insurance company;

7) authorized body - authorized body on regulation, control and supervision of the financial market and the financial organizations;

8) the authorized person (authorized persons) - person (persons) of insurance company having (having) power of decision about partial (on one or several classes of insurance) or complete transfer of the insurance portfolio.

3. Transfer of the insurance portfolio by insurance company, temporary administration in the presence of the consent of the insurer, the reinsurer (assignor) is performed in cases:

1) adoptions by insurance company of the decision on transfer of the insurance portfolio on one or several classes of insurance of other insurance company having the license on transferred (transferred) to class (classes) of insurance according to Item 1 of article 37-1 of the Law;

2) exceptions of the license of insurance company of separate classes of insurance according to Item 2 of article 37-1 of the Law;

3) voluntary return of license for activities on reinsurance according to Item 2 of article 37-1 of the Law;

4) preservation according to Item 1 of article 54-1 of the Law;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.