THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of February 24, 2021 No. 42

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning insurance and insurance activity

According to the subitem 1) Item 1 of article 9 of the Law of the Republic of Kazakhstan of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", item 4 of Article 2, Items 5 and 7 of Article 72-1, articles 73 and 77 of 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 the List of regulatory legal acts of the Republic of Kazakhstan concerning insurance and to which insurance activity changes and additions, according to appendix to this resolution are made (further - the List).

2. To provide to department of the insurance market and actuarial calculations 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 after ten calendar days from the date of its first official publication.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 24, 2021 No. 42

The list of regulatory legal acts of the Republic of Kazakhstan concerning insurance and insurance activity to which changes and additions are made

1. Bring in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of March 25, 2006 No. 77 "About approval of Rules of liquidation and job requirement of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization" (it is registered in the Register of state registration of regulatory legal acts at No. 4257) the following changes and amendments:

state heading in the following edition:

"About approval of Rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirements of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan";

state Item 1 in the following edition:

"1. Approve the enclosed Rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirement of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.";

in Rules of liquidation and job requirements of the liquidation commissions of compulsorily liquidated insurance (reinsurance) organization approved by the specified resolution:

state heading in the following edition:

"The rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirement of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan";

1, 2 and 3 to state Items in the following edition:

"1. These rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirement of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further - Rules) are developed according to the Civil code of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law on insurance activity), of May 13, 2003 "About joint-stock companies", of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations.

The provisions of these rules provided for involuntary liquidation of the insurance (reinsurance) organization, and job requirement of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization extend to the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is compulsorily stopping activities if other is not provided by these rules.

2. For the purpose of application of Rules the following concepts are used:

1) minimum price - the price below which lot is not on sale;

2) the starting price - the price with which the biddings on each lot begin, the established not lower than the cost of lot (property), determined by the appraiser according to the Law of the Republic of Kazakhstan of January 10, 2018 "About estimative activities in the Republic of Kazakhstan" (further - the Law on estimative activities);

3) contingencies - costs for urgent needs unplanned by liquidation commission which size does not exceed 100 (hundred) monthly settlement indicators;

4) creditor committee - the body created from among creditors of the liquidated insurance (reinsurance) organization for the purpose of ensuring interests of creditors and decision making with their participation;

5) category of creditors - group of creditors whose requirements have homogeneous character and the stipulated in Article 72 Laws on insurance activity are satisfied within certain queue;

6) the register of requirements of creditors - the document approved by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body), reflecting the requirements of creditors recognized by liquidation commission, requirements of "Fund of Guaranteeing Insurance Payments" joint-stock company (further - Fund) on the performed warranty payments, expenses connected with payment of the insurance portfolio of compulsorily liquidated insurance (reinsurance) organization transferred to other insurance (reinsurance) organization according to the procedure and on conditions, stipulated in Article 69-1 and Item 5 of article 72-1 of the Law on insurance activity and Rules of transfer of the insurance portfolio and features of transfer of the insurance portfolio from the date of the introduction to 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, approved by the resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 262, registered in the Register of state registration of regulatory legal acts at No. 17885;

7) values - currency values, banknotes and coins of the Republic of Kazakhstan, securities and forms of the strict reporting, precious metals, products from them, and also the coins made of precious metals, which left the address and valuable objects;

8) lot - the property offered for auction divided into units, indivisible for realization;

9) the periodic printing edition - the newspaper, the magazine, the almanac, the bulletin, the appendices to them having the permanent name, the current issue and issued at least once in three months;

10) the creditor of the insurance (reinsurance) organization - person having the property requirements arising from civil and other obligations to the liquidated insurance (reinsurance) organization;

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