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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 1, 2010 No. 25

About approval of Requirements to implementation of insurance activity by insurance company, including on relations with participants of the insurance market, and power of insurance agent on implementation of intermediary activities in the insurance market

(The last edition from 30-05-2016)

For the purpose of implementation of the Law of the Republic of Kazakhstan of December 30, 2009 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning compulsory and mutual insurance, the taxation" the 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. Approve the enclosed requirements to implementation of insurance activity by insurance company, including on relations with participants of the insurance market, and power of insurance agent on implementation of intermediary activities in the insurance market (further - Requirements).

2. This resolution becomes effective after ten calendar days after day of its first official publication except for of the subitem 12) of Item 3 of Requirements which becomes effective since July 1, 2010.

3. To department of supervision of subjects of the insurance market and other financial organizations (Karakulov D. Sh.):

1) together with Legal department (Sarsenova N. C) 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, the insurance (reinsurance) organizations, Consolidation of legal entities "Association of financiers of Kazakhstan".

4. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency Aldambergen A. U.

Chairman

E.Bakhmutova

Approved by 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 1, 2010, No. 25

Requirements to implementation of insurance activity by insurance company, including on relations with participants of the insurance market, and power of insurance agent on implementation of intermediary activities in the insurance market

1. These requirements to implementation of insurance activity by insurance company, including on relations with participants of the insurance market, and power of insurance agent on implementation of intermediary activities in the insurance market (further - Requirements) are developed according to articles 11-1 and 18 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) for the purpose of settlement of the processes arising in case of the conclusion and execution of insurance contracts including when implementing by insurance agent of intermediary activities for the conclusion of insurance contracts for and on behalf of insurance company.

2. In these Requirements the following concepts are used:

1) insurance event - event as a result of which harm is done to object of insurance or the third party and which in subsequent can be acknowledged insured event;

2) the agreement - the agreement (agency agreement) signed between the parties in writing according to which one party (insurance agent) shall for remuneration make for and on behalf of other party (insurance organization) intermediary services in the conclusion of insurance contracts within the powers provided by these Requirements.

3. The organization of process of the conclusion by insurance company of the insurance contract with the insurer includes the following stages:

1) acquaintance with rules of insurance and provision of the reliable and complete information according to the following terms of the contract of insurance:

sizes of insurance rates and insurance sum;

payment due dates of insurance premiums;

term of entry into force of the insurance contract;

insured events, including the description of types of insured events and the notification procedure about approach of insurance event and (or) insured event;

the rights and obligations of the insurer, including in case of approach of insurance event and (or) insured event;

procedure for modification of terms of the contract;

consequences of early termination of the insurance contract;

availability of privileges with indication of the list of persons to which privileges are provided;

other essential conditions characteristic for the sake of appearances insurance;

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