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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 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

(In edition of the Resolution of Board of National Bank of the Republic of Kazakhstan of 30.05.2016 No. 127)

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 Instruction about activities of temporary administration (interim manager) appointed (appointed) for preservation of the insurance (reinsurance) organization.

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

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.

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 September 3, 2010 No. 139

The instruction about activities of temporary administration (interim manager) appointed (appointed) for preservation of the insurance (reinsurance) organization

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;

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