RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of June 26, 2012 No. 198

About approval of Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission

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 issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission.

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

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of June 26, 2012 No. 198

Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission

These rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) and determine approval procedure on voluntary liquidation of the insurance (reinsurance) organization or refusal in issue of the specified permission.

3. The following documents are attached to the petition:

1) decision of general meeting of shareholders of the insurance (reinsurance) organization on voluntary liquidation;

2) the candidate list in members of liquidation commission, including its divisions created in branches and (or) representations;

3) the financial reporting confirmed with auditing organization, constituted for the date following after transfer of the insurance portfolio;

4) the list of creditors of the insurance (reinsurance) organization including data on the amount of obligations of the insurance (reinsurance) organization, constituted on acceptance date by general meeting of shareholders of the decision on voluntary liquidation of the insurance (reinsurance) organization;

5) the delivery-acceptance certificate of insurance portfolio consisting of obligations of the insurance (reinsurance) organization according to the insurance contracts signed by it and reinsurance, other insurance (reinsurance) organization (in the presence of such transfer);

6) the documents confirming absence at the insurance (reinsurance) organization of obligations according to the signed insurance contracts (reinsurance);

7) the list of actions about terms and stages of preparation of the insurance (reinsurance) organization for the termination of the activities (the plan and the schedule) approved by general shareholder meeting.

4. The petition is considered by authorized body within two months from the date of receipt of all necessary documents.

By results of consideration of the document package provided by the insurance (reinsurance) organization the decision on issue or refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization is made.

5. The refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization is made on the bases, the stipulated in Article 68 Laws.

6. The decision on issue of permission to voluntary liquidation of the insurance (reinsurance) organization or refusal in issue of the specified permission is carried to the insurance (reinsurance) organization in writing.

In the decision on refusal in issue of permission to voluntary liquidation of the insurance (reinsurance) organization the refusal bases are specified.

7. In case of receipt of permission to voluntary liquidation the insurance (reinsurance) organization in week time returns all earlier granted licenses in authorized body.

8. After receipt of permission to voluntary liquidation the insurance (reinsurance) organization creates liquidation commission, taking into account branches and representative offices of the insurance (reinsurance) organization to which in the procedure established by the legislation pass powers on property management and cases of the insurance (reinsurance) organization.

Appendix

to Rules of issue of permission to voluntary liquidation of the insurance (reinsurance) organizations or refusal in issue of the specified permission

See Appendix (3Kb In original language)

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