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 April 30, 2010 No. 62

About approval of Rules of implementation of warranty payments by "Fund of Guaranteeing Insurance Payments" Joint-stock company

For the purpose of implementation of the Law of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments" 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 Rules of implementation of warranty payments by "Fund of Guaranteeing Insurance Payments" Joint-stock company according to appendix 1 to this resolution.

2. Recognize invalid regulatory legal acts according to appendix 2 to this resolution.

3. This resolution becomes effective after ten calendar days after day of its first official publication.

4. 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 it to the attention of the interested divisions of the Agency, Consolidation of legal entities "The association of financiers of Kazakhstan", "Fund of Guaranteeing Insurance Payments" Joint-stock company and Actuarial Statistical Bureau LLP.

5. 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.

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

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 April 30, 2010 No. 62

Rules of implementation of warranty payments by "Fund of Guaranteeing Insurance Payments" joint-stock company

These rules of implementation of warranty payments by "Fund of Guaranteeing Insurance Payments" joint-stock company (further – Rules) determine procedure "Fund of Guaranteeing Insurance Payments" joint-stock company (further – Fund) warranty payments to creditors of the liquidated insurance company, the branch of the insurance nonresident organization of the Republic of Kazakhstan stopping activities - the member of Fund.

The provisions of Rules regulating procedure of warranty payments to creditors of the liquidated insurance company - the member of Fund, extend to branches of the insurance nonresident organizations of the Republic of Kazakhstan on which the decision on deprivation of the license for the right of implementation of insurance activity (the branches of the insurance nonresident organizations of the Republic of Kazakhstan stopping activities) is made by authorized body, taking into account the features provided by the laws of the Republic of Kazakhstan "About insurance activity" (further – the Law on insurance activity) and "About Fund of guaranteeing insurance payments" (further – the Law).

Chapter 1. General provisions

1. For the purposes of Rules the following basic concepts are used:

1) the register of debtors – the list of persons having debt to the liquidated insurance company on payment of insurance premium on insurance contracts, provided by temporary administration;

2) the creditor – the insurer (insured, the beneficiary) having the right to warranty payment according to the Law or the other person who compensated to the victim (person having the right to insurance payment) damage suffered within scope of responsibility of the insurer established by the insurance contract and the laws of the Republic of Kazakhstan and to which, respectively, passed the right to insurance payment;

3) the register of creditors – the list of persons having the right to warranty payment, provided by temporary administration;

4) the insurance act – the document with indication of the place, time, the sizes and causes of damage caused to life, health and (or to property) the third party, constituted by the insurance participating organization with participation of the insurer and (or) his representative and being the basis for implementation of insurance payment;

5) insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan, being participants of system of guaranteeing insurance payments (the insurance participating organization), – the insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan which signed the agreement of participation with Fund;

6) warranty payment on annuity classes of insurance – the amount of money paid by Fund to the insurer (insured, to the beneficiary) and (or) for benefit of the annuity insurance insured within guaranteeing according to the procedure and on the conditions provided by the Law;

7) warranty payment on obligatory types of insurance – the amount of money paid by Fund according to the procedure and on the conditions provided by the Law to the insurer (insured, to the beneficiary) on the come insured events according to the insurance contract of the liquidated insurance company, the branch of the insurance nonresident organization of the Republic of Kazakhstan stopping activities, in the cases provided by the Law on insurance activity;

8) warranty payment according to the life insurance contracts signed within the state educational accumulative system – the amount of money paid by Fund to the beneficiary on the come insured events according to the life insurance contract performed according to the Law of the Republic of Kazakhstan "About the State educational accumulative system", the liquidated insurance participating organization of Fund;

9) the register of agreements – the register of current agreements of insurance of the liquidated insurance (reinsurance) organization according to which the guarantee according to the subitem 2) of Item 1 of article 7 of the Law is provided;

10) authorized body – the state body performing regulation, control and supervision of the financial market and financial the organizations.

Chapter 2. Implementation of warranty payments by Fund for the obligatory types of insurance and life insurance contracts signed within the state educational accumulative system

2. The bases of receipt of warranty payment are stipulated in Item 1 article 15 of the Law.

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