Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of June 17, 2003 No. 186

About approval of the standard rate for recognition of large deal on insurance (reinsurance)

For the purpose of implementation of article 49 of the Law of the Republic of Kazakhstan "About insurance activity" the Board of National Bank of the Republic of Kazakhstan decides:

1. The transaction on insurance (reinsurance) is recognized large if the insurance sum according to the separate signed insurance contract or the accepted amount of obligations under the separate agreement of reinsurance exceeds 25 percent from the amount of assets of the insurance (reinsurance) organization, less the assets which are the overcautious person's share in insurance reserves.

2. To department of financial supervision (Bakhmutova E. L.):

1) together with Legal department (Sharipov S. 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 central office, territorial branches of National Bank of the Republic of Kazakhstan, actuaries and the insurance (reinsurance) organizations.

3. To impose control over execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Saydenov A. G.

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

 

Chairman

National Bank of G. A. Marchenko

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