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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2019 No. 149

About approval of Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission

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 the enclosed Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission.

2. 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.

3. To provide to development department of the non-bank organizations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department 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 "Institute of the legislation and legal information of the Republic of Kazakhstan" the Ministries of Justice of the Republic of Kazakhstan 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 department of external communications - the press service of National Bank to 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 Birtanov E. A.

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

Chairman of National Bank

E.Dosayev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2019 No. 149

Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission

1. These rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission (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 approval procedure on voluntary liquidation of the insurance (reinsurance) organization or refusal in issue of the specified permission.

2. For receipt of permission of the authorized body performing state regulation, control and supervision of the financial market and the financial organizations (further - authorized body) on voluntary liquidation, the insurance (reinsurance) organization after transfer of the insurance portfolio provides the petition for issue of permission to voluntary liquidation of the insurance (reinsurance) organization (further - the petition).

3. The petition is submitted in authorized body in form according to appendix to Rules on paper or in electronic form through the web portal of "the electronic government".

4. The following documents are attached to the petition:

1) the decision of general meeting of shareholders of the insurance (reinsurance) organization on voluntary liquidation with obligatory specifying of the reasons of liquidation;

2) reports on calculation of insurance reserves on industries "general insurance" and "life insurance", on amount of obligations in the forms established by the resolution of Board of National Bank of the Republic of Kazakhstan of December 22, 2017 No. 245 "About approval of the list, forms, terms of the reporting of the insurance (reinsurance) organization and insurance broker and Rules of their representation", registered in the Register of state registration of regulatory legal acts at No. 16256;

3) the copy of the agreement on transfer of the insurance portfolio consisting of obligations of the insurance (reinsurance) organization according to the insurance contracts (reinsurance) signed by it in other insurance (reinsurance) organization having the license on the transferred classes of insurance and being the participant of system of guaranteeing insurance payments.

4. The petition is considered by authorized body within two months from the date of receipt of all necessary documents.

By results of consideration of the document package provided by the insurance (reinsurance) organization the decision on issue or refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization is made.

5. The refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization is made on the bases, the stipulated in Article 68 Laws.

6. The decision on issue of permission to voluntary liquidation of the insurance (reinsurance) organization or refusal in issue of the specified permission is drawn up by the resolution of Board of authorized body and it is carried by authorized body to the insurance (reinsurance) organization on paper or in electronic form through the web portal of "the electronic government".

In the decision on refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization the refusal bases are specified.

7. The decision of authorized body on issue, refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization becomes effective from the date of obtaining by his applicant.

8. After receipt of permission to voluntary liquidation the insurance (reinsurance) organization returns in authorized body earlier granted license for the right of implementation of insurance (reinsurance) activity and (or) appendix to the license within ten working days from the effective date of the decision of authorized body.

9. After receipt of permission to voluntary liquidation the insurance (reinsurance) organization creates liquidation commission, taking into account branches and (or) representative offices of the insurance (reinsurance) organization to which in the procedure established by the legislation of the Republic of Kazakhstan pass powers on property management and cases of the insurance (reinsurance) organization.

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