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 November 29, 2010 No. 171

About approval of Rules of transfer of the insurance portfolio and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization

For the purpose of implementation of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" 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 Rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization.

2. Recognize invalid:

2) the resolution of Board of the Agency of February 26, 2008 No. 22 "About entering of amendment into 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. 86 "About approval of Rules of transfer of the insurance portfolio" (registered in the Register of state registration of regulatory legal acts at No. 5176).

3. This resolution becomes effective after ten calendar days after day of its first official publication, except for parts two of Item 9 of appendix to this resolution which becomes effective since January 1, 2012.

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

1) together with Legal department (Sarsenov N. V.) 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, JSC Fund of Guaranteeing Insurance Payments, Associations of legal entities "Association of financiers of Kazakhstan".

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 of 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 November 29, 2010 No. 171

Rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization

Chapter 1. General provisions

1. These rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity in the Republic of Kazakhstan" (further - the Law) and determine procedure for transfer of the insurance portfolio by the insurance (reinsurance) organizations, procedure and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization.

2. The basic concepts used in these rules:

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