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THE LETTER OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of November 2, 2010 No. 06-09-11/1132/21202

OYuL "Association of Financiers of Kazakhstan"

Agency of the Republic of Kazakhstan on regulation of the financial market and the financial organizations (further - the Agency), having considered your letter No. 12-2-3/03/2726 of 20.08.2010, reports the following.

According to Item 3 of article 15-1 of the Law of the Republic of Kazakhstan "About insurance activity" (dalee-Zakon) the insurance (reinsurance) organization cannot enter the transaction with any person for the purpose of provision of the insurance (reinsurance) organization of possibility of payment of the obligation to affiliirovanny person of the insurance (reinsurance) organization.

Follows from the above-stated regulation that the insurance (reinsurance) organization is forbidden to conclude the bargain (contract) with any person, including her affiliirovanny person which gives opportunity of the insurance (reinsurance) organization to pay obligations (the insurance (reinsurance) organization or this person) to affiliirovanny person of the insurance (reinsurance) organization.

The main objective of this regulation consists in need of restriction of intra group transactions (transactions between affiliirovanny persons) with participation of the insurance (reinsurance) organization, in particular transactions on insurance (reinsurance) which precedent condition of the conclusion are repayment of obligations to affiliirovanny person of the insurance (reinsurance) organization or obtaining by the last (or other participants of group) other material benefit as a result of the conclusion of such transactions.

Considering the above, we consider that the insurance company has the right to sign insurance contracts with borrowers of affiliirovanny bank of the insurance (reinsurance) organization, taking into account restrictions, the stipulated in Clause 15-1 Law.

Vice-chairman A. Aldambergen

 

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