of September 21, 2020 No. 87
About approval of Rules of issue of permission to opening of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also Rules and conditions of implementation of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan
According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market
1. Approve:
1) Rules of issue of permission to opening of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan according to appendix 1 to this resolution;
2) Rules and conditions of implementation of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan according to appendix 2 to this resolution.
2. To provide to department of methodology and regulation of the financial 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) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;
3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.
3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.
4. This resolution becomes effective since December 16, 2020 and is subject to official publication.
The chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market
M. Abylkasymova
Appendix 1
to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 21, 2020 No. 87
1. These rules of issue of permission to opening of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further - Rules) are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and determine procedure for issue by authorized body by regulation, control and supervision of the financial market and the financial organizations (further - authorized body) permissions to opening of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further - permission).
Rules extend also to branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan.
2. The insurance (reinsurance) nonresident organization of the Republic of Kazakhstan addresses to authorized body for receipt of permission in case of accomplishment of the conditions specified in Item 13 of article 33 of the Law.
For receipt of permission the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan submits in authorized body the application for issue of permission to opening of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further - the statement) in form according to appendix 1 to Rules with appendix of the following documents:
1) the decision of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan on opening of branch in the territory of the Republic of Kazakhstan;
2) data on the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan;
3) the business plan of the opened branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan approved by the official of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan or person authorized by the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan on signing of documents;
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The document ceased to be valid since March 13, 2021 according to Item 2 of the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 12, 2021 No. 24