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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 April 30, 2010 No. 62

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

(The last edition from 27-08-2018)

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.

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 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 - Fund) determine procedure and conditions of implementation by Fund of warranty payments to creditors compulsorily liquidated insurance Fund of organizatsiiuchastnik.

Chapter 1. General provisions

1. For the purposes of these 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 liquidation commission;

2) the creditor - the insurer (insured, the beneficiary) having the right to warranty payment under the agreement of compulsory insurance of compulsorily liquidated insurance company in case of loss occurrence under the agreement of annuity insurance of the liquidated insurance company guaranteed by Fund or the other person who compensated to the victim (person having the right to indemnification) damage suffered within scope of responsibility of the insurer established by the insurance contract and legal acts of the Republic of Kazakhstan and the acquired right to insurance payment;

3) the register of creditors - the list of persons having the right to warranty payment, provided by liquidation commission;

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, being the participant of system of guaranteeing insurance payments (the insurance participating organization) - the insurance company which signed the agreement of participation with Fund and being its shareholder;

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 of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments" (further - the Law) to the insurer (insured, to the beneficiary) on the come insured events according to the insurance contract of compulsorily liquidated insurance company in the cases provided by the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law on insurance activity);

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