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. 71

About approval of Rules of implementation of warranty and compensation payments by Fund of guaranteeing insurance payments and about modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of September 24, 2003 No. 345 "About approval of the Standard agreement of participation in Fonda of guaranteeing insurance payments"

For the purpose of implementation of the Law of the Republic of Kazakhstan "About Fund of guaranteeing insurance payments" and reductions of the regulatory legal acts regulating questions of guaranteeing insurance payments in compliance with legal acts of the Republic of Kazakhstan, Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Ceased to be valid

2. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of September 24, 2003 No. 345 "About approval of the Standard agreement of participation in Fonda of guaranteeing insurance payments" (registered in the Register of state registration of regulatory legal acts at No. 2548), with changes and additions made by the resolution of Board of the Agency of March 15, 2004 No. 74 (registered in the Register of state registration of regulatory legal acts at No. 2797), the resolution of Board of the Agency of May 28, 2005 No. 159 (registered in the Register of state registration of regulatory legal acts at No. 3699), the resolution of Board of the Agency of February 25, 2006 No. 47 (registered in the Register of state registration of regulatory legal acts at No. 4161), the following changes and amendments:

in the Standard agreement of participation in the Fund of guaranteeing insurance payments approved by the specified resolution:

state Chapter 5 in the following edition:

"Chapter 5. Procedure for the conclusion of contracts of compulsory insurance with insurers of compulsorily liquidated insurance company. Conditions and procedure of warranty and compensation payments.

12. The insurance company - the participant shall in cases, according to the procedure and on the conditions provided by the Law and regulatory legal acts of authorized body to sign the contract of compulsory insurance with the insurer of compulsorily liquidated insurance company.

13. Warranty and compensation payments are performed by Fund according to the procedure and on the conditions determined by the Law and regulatory legal acts of authorized body.";

6, of 7, 8 and 9 to exclude Chapters;

add Item 28 with subitem 8-1) of the following content:

"8-1) to refund expenses to insurance company - the participant, connected with implementation of actions for determination of insured event and the extent of damage suffered, according to the procedure and the size, established by the Law and regulatory legal acts of authorized body;";

in Item 31:

in the subitem 6) punctuation mark "." to replace with punctuation mark ";";

add with the subitem 7) of the following content:

"7) in cases and according to the procedure, provided by the Law to accept from the insurer (insured, the beneficiary) compulsorily liquidated insurance company the message (statement) for loss occurrence and payment of warranty payment and to carry out work on determination of insured event and the extent of damage suffered.".

3. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To department of strategy and analysis (Edenbayev E. S.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency, JSC Fund of Guaranteeing Insurance Payments, the insurance (reinsurance) organizations and Consolidation of legal entities "Association of financiers of Kazakhstan".

5. To department of the international relations and public relations (Pernebayev T. Sh.) provide the publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Uzbekov G. N.

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