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The document ceased to be valid since January 1, 2019 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 272

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 90

About approval of Rules of application of enforcement powers to persons having signs of the large participant or insurance holding to large members of the insurance (reinsurance) organization, insurance holding, and also to the legal entities who are part of insurance group

(as amended of the Resolution of Board of National Bank of the Republic of Kazakhstan of 30.05.2016 No. 127)

According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of application of enforcement powers to persons having signs of the large participant or insurance holding to large members of the insurance (reinsurance) organization, insurance holding, and also to the legal entities who are part of insurance group.

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

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of February 24, 2012 No. 90

Rules of application of enforcement powers to persons having signs of the large participant or insurance holding to large members of the insurance (reinsurance) organization, insurance holding, and also to the legal entities who are part of insurance group

These rules of application of enforcement powers to persons having signs of the large participant or insurance holding to large members of the insurance (reinsurance) organization, insurance holding, and also to the legal entities who are part of insurance group (further - Rules), are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and establish procedure for application by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) concerning persons having signs of the large participant or insurance holding, large members of the insurance (reinsurance) organization, insurance holding and also the legal entities who are part of insurance group, enforcement powers.

1. For the purpose of ensuring stable activities of the insurance (reinsurance) organizations the authorized body in the presence of cases, stipulated in Item 1 article 53-1 of the Law, applies to persons having signs of the large participant or insurance holding to large members of the insurance (reinsurance) organization, insurance holding, and also to the legal entities who are part of insurance group, enforcement powers, stipulated in Item 2 articles 53-1 of the Law.

2. Person having signs of the large participant or insurance holding, the large member of the insurance (reinsurance) organization the insurance holding and the legal entities who are part of insurance group within ten calendar days after receipt of the written notice of authorized body of application to it enforcement powers, represents to authorized body the actions plan on fulfillment of requirements of authorized body with indication of completion dates on each Item of the actions plan, responsible officials for execution of the actions plan, with appendix of supporting documents.

3. The authorized body considers the actions plan and represents the conclusion to person having signs of the large participant or insurance holding or the large member of the insurance (reinsurance) organization, the insurance holding and the legal entity who is part of insurance group within ten working days from the date of receipt of the actions plan.

In case of disagreement with the actions plan the authorized body directs specifying about accomplishment of specific actions to certain terms to person having signs of the large participant or insurance holding, to the large member of the insurance (reinsurance) organization, the insurance holding and legal entities who are part of insurance group.

4. Person having signs of the large participant or insurance holding, the large member of the insurance (reinsurance) organization, insurance holding and the legal entities who are part of insurance group submit in authorized body the report on accomplishment of actions, in the terms established by the actions plan.

If fixed term of execution of actions exceeds one month, person having signs of the large participant or insurance holding, the large member of the insurance (reinsurance) organization, the insurance holding and the legal entities who are part of insurance group monthly notify authorized body on its step-by-step execution.

5. The beginning of term of accomplishment of actions by person having signs of the large participant or insurance holding, the large member of the insurance (reinsurance) organization, the insurance holding and the legal entity who is part of insurance group, requirements of authorized body the date of receipt them of the written notice is considered.

 

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