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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of March 26, 2012 No. 133

About approval of the Instruction for voluntary liquidation of the insurance (reinsurance) organizations

(In edition 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 Instruction for voluntary liquidation of the insurance (reinsurance) organizations.

2. Recognize invalid the following regulatory legal acts of the Republic of Kazakhstan:

2) 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 28, 2008 No. 189 "About entering of amendment and change 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 30, 2007 No. 61 "About approval of Rules of voluntary liquidation of the insurance (reinsurance) organizations" (registered in the Register of state registration of regulatory legal acts at No. 5413).

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 March 26, 2012 No. 133

Instruction for voluntary liquidation of the insurance (reinsurance) organizations

This Instruction for voluntary liquidation of the insurance (reinsurance) organizations (further - the Instruction) is developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law on insurance activity) and establishes features of activities of liquidation commission of voluntarily liquidated insurance (reinsurance) organization (further - liquidation commission), forming and activities of creditor committee of voluntarily liquidated insurance (reinsurance) organization, forming and approval of the estimate of liquidating expenses, the requirement for respect of cash discipline by liquidation commission.

1. Date of creation of liquidation commission is considered the beginning of process of voluntary liquidation.

2. The liquidation commission is created by general meeting of shareholders of the insurance (reinsurance) organization no later than forty five calendar days from the date of receipt by the insurance (reinsurance) organization of the decision of the state body performing state regulation, control and supervision of the financial market and the financial organizations about issue of permission to voluntary liquidation of the insurance (reinsurance) organization taking into account branches and representative offices of the insurance (reinsurance) organization.

Change of structure of liquidation commission is performed according to the decision of general meeting of shareholders of the insurance (reinsurance) organization.

3. From the date of creation of liquidation commission and before completion of process of liquidation of the insurance (reinsurance) organization:

1) powers of general shareholder meeting, other bodies and officials of voluntarily liquidated insurance (reinsurance) organization, including on property administration and repayment of obligations of the insurance (reinsurance) organization, and also their right on management of the insurance (reinsurance) organization, except as specified, provided by the Instruction stop;

2) the actions performed from name or at the expense of the liquidated insurance (reinsurance) organization have legal force only if they are made by the chairman of liquidation commission, or person to whom by the chairman it is issued drawn up in established by the Civil code of the Republic of Kazakhstan (General part) (further - the Civil code) procedure the power of attorney on making of these actions;

3) the requirements of property nature relating to the insurance (reinsurance) organization are considered by liquidation commission according to the Instruction and the civil legislation of the Republic of Kazakhstan.

4. From the date of creation of liquidation commission pass all powers on administration to it and property of the liquidated insurance (reinsurance) organization.

The liquidation commission takes measures for completion of cases of the insurance (reinsurance) organization, including on ensuring settlings with her creditors and shareholders.

The liquidation commission acts on behalf of the liquidated insurance (reinsurance) organization and is independent in case of decision making on the questions entering its competence.

Decisions of liquidation commission are drawn up by the protocol.

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