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

of September 12, 2022 No. 60

About approval of Rules of election and implementation of activities of the insurance ombudsman

In compliance with Item 3-1 of article 86 of the Law of the Republic of Kazakhstan "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed Rules of election and implementation of activities of the insurance ombudsman.

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 after day of its first official publication.

The chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market

M. Abylkasymova

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 12, 2022 No. 60

Rules of election and implementation of activities of the insurance ombudsman

Chapter 1. General provisions

1. These rules of election and implementation of activities of the insurance ombudsman (further – Rules) are developed according to Item 3-1 of article 86 of the Law of the Republic of Kazakhstan "About insurance activity" (further – the Law) and determine procedure for election as authorized body by regulation, control and supervision of the financial market and the financial organizations (further – authorized body) the insurance ombudsman, and also procedure of activities of the insurance ombudsman.

Chapter 2. Procedure for election of the insurance ombudsman after powers

2. The insurance ombudsman is elected by authorized body for three years from among the candidates recommended by council of representatives of the insurance ombudsman (further - Council of representatives) to election to position of the insurance ombudsman.

3. Council of representatives no later than 1 (one) calendar month before date of the expiration of powers of the insurance ombudsman provides in authorized body the approved list of candidates for position of the insurance ombudsman in number of at least three people.

Copies of the documents confirming their compliance to requirements, stipulated in Item 1 article 88 of the Law, and the information about the candidate for position of the insurance ombudsman in form according to appendix 1 to Rules are attached to the approved list of candidates for position of the insurance ombudsman.

4. The decision on election of the insurance ombudsman is made by authorized body within 15 (fifteen) calendar days from the date of the receipt of information and documents specified in Item 3 of Rules.

5. For decision making about election of the candidate for position of the insurance ombudsman in authorized body the commission (further – the Commission) which staff affirm the order of the deputy first head of authorized body is created. Representatives of division of the insurance market and actuarial calculations (further – responsible division), divisions of consumer protection of financial services and legal division of authorized body are part of the Commission. The commission is headed by the chairman – the deputy first head of authorized body.

The decision of the Commission on the issue of election (early termination of powers) of the insurance ombudsman is made by a simple majority vote. In case of equality of votes the voice of the commission chairman or person replacing it is decisive.

6. On commission session the responsible division prepares the conclusion on compliance of candidates for position of the insurance ombudsman to requirements of Item 1 of article 88 of the Law.

7. The candidates for position of the insurance ombudsman recommended by Council of representatives for election are invited to commission session for interviewing.

The responsible division in 5 (five) working days prior to carrying out commission session notifies the candidate in writing on date and the place of interviewing.

8. In case of decision making about election of the candidate for position of the insurance ombudsman as the Commission the following is taken into account:

1) availability at the candidate of the business plan on development of activities of the insurance ombudsman;

2) experience and length of service in insurance field;

3) application by authorized body of sanctions and measures of supervising reaction to the financial organization during activities of the candidate for leading employee positions of this financial organization for the questions falling within the scope of its competence;

4) availability of faultless goodwill;

5) no conflict of interest when implementing activities as the insurance ombudsman.

9. The decision of the Commission on election of the insurance ombudsman is drawn up by the protocol on consideration by the Commission of the candidate for position of the insurance ombudsman in form according to appendix 2 to Rules.

10. The responsible division within 2 (two) working days after adoption of the decision by the Commission concerning election of the candidate for position of the insurance ombudsman sends to Council of representatives and to the candidate elected the insurance ombudsman, data on the made decision the means of communication providing sending fixation.

11. Information on election of the insurance ombudsman is placed on Internet resource of authorized body within 2 (two) working days after its election with indication of date of its introduction in position.

Chapter 3. Procedure for election of the insurance ombudsman in case of early termination of activities

12. Powers of the insurance ombudsman stop ahead of schedule:

1) according to the petition of Council of representatives the decision of the Commission;

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