of September 3, 2010 No. 139
About approval of the Instruction about activities of temporary administration (interim manager) appointed (appointed) for preservation of the insurance (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:
3. 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, 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.
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 September 3, 2010 No. 139
1. This Instruction about activities of temporary administration (interim manager) appointed (appointed) for preservation of the insurance (reinsurance) organization is developed for the purpose of realization of Item 2 of article 55-5 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) and disaggregates activities of temporary administration (interim manager) appointed (appointed) for carrying out on decision authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) preservation of the insurance (reinsurance) organization (further - insurance company), and also the principles of her (his) relations with the third parties.
2. Tasks of temporary administration (interim manager) (further - temporary administration) insurance company are preserving or recovery of capability of insurance company to timely and full implementation of the obligations, elimination of the available shortcomings of work and violations of the law of the Republic of Kazakhstan and internal documents of insurance company, and also implementation of actions for the purpose of improvement of financial position of insurance company, improvement of quality of its work, protection of the rights and legitimate interests of consumers of the financial services provided by insurance company, improvements of risk management system and internal control in insurance company.
3. The temporary administration is collegiate organ, is headed by the head who acts on behalf of the insurance company which is in conservation regime. The head of temporary administration distributes obligations between members of temporary administration.
4. Decisions are made by temporary administration concerning activities of insurance company independently taking into account requirements of article 55-5 of the Law.
Decisions are made by temporary administration by a simple majority vote, in case of equality of votes the voice of her head is decisive.
5. The temporary administration approves the plan of the main actions during preservation of insurance company (further - the plan of preservation) taking into account the recommendations specified in the decision of authorized body on carrying out preservation of insurance company and written instructions of authorized body.
6. The plan of preservation provides the following events:
1) carrying out inventory count of all assets and liabilities of insurance company, the property considered on off-balance accounts including mortgage property, and documents of title on them;
2) determination of optimum management structure and number of persons employed of insurance company;
3) determination of feasibility of the contracts which are earlier signed by insurance company connected with its activities, including with affiliirovanny persons of insurance company and taking measures to agreement cancelation, providing investment of capital of insurance company;
4) implementation of measures for capitalization of insurance company decision path about increase in number of the announced shares (about release of other securities) and their placement in the organized market of securities according to the legislation of the Republic of Kazakhstan, about dividend payout restriction to its shareholders and (or) attraction of subordinated debt with repayment period more than five years;
5) improvement of quality of assets by carrying out work on collection of overdue receivables, asset sale, to the termination of implementation of any kind of financing, growth in volumes of quick assets;
6) increase in profitability of insurance company by establishment of control over carrying out account transactions, review of the existing rates, rates of remuneration, commission charges on transactions of insurance company, expenses on compensation, general running costs and depreciation charge rates;
7) assessment of risk management system in insurance company and implementation of measures for its improvement;
8) determination of need of implementation of measures for restriction of making of the transactions of insurance company bearing for it risk with affiliirovanny persons, including with members of insurance group or banking conglomerate which member is the insurance company;
9) taking measures to accomplishment by the large member of insurance company of actions according to the plan of recapitalization of insurance company in cases of possible deterioration in financial position of insurance company, including by the direction of the corresponding petition in judicial authority.
If necessary the plan of preservation provides implementation of actions on transfer of the insurance portfolio in part or in full in other insurance company.
7. The temporary administration in day of adoption by authorized body of the decision on carrying out preservation performs the following operations:
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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