RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 16, 2014 No. 147

About approval of Rules of appointment and powers of temporary administration (the temporary administrator) of bank, insurance (reinsurance) organization

According to Item 2 of article 48-1 of the Law of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan", Item 7 of article 56 of the Law of the Republic of Kazakhstan "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of appointment and power of temporary administration (the temporary administrator) of bank, the insurance (reinsurance) organization.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan according to appendix to this resolution.

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

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 16, 2014 No. 147

Rules of appointment and power of temporary administration (temporary administrator) of bank, insurance (reinsurance) organization

Chapter 1. General provisions

1. Rules of appointment and power of temporary administration (the temporary administrator) of bank, the insurance (reinsurance) organization (further – Rules) determine procedure for appointment as authorized body by regulation, control and supervision of the financial market and the financial organizations (further – authorized body) temporary administration (the temporary administrator) of bank, the insurance (reinsurance) organization (further – the organization) appointed in connection with deprivation of the license for carrying out banking and other activities on the right of implementation of insurance (reinsurance) activity (further – the license), operating procedure of the organization and power of temporary administration of the organization.

The provisions of Rules provided for appointment of temporary administration as authorized body (the temporary administrator) of the insurance (reinsurance) organization appointed in connection with deprivation of the license for the right of implementation of insurance (reinsurance) activity operating procedure of the insurance (reinsurance) organization and power of temporary administration of the insurance (reinsurance) organization extend to the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is compulsorily stopping activities if other is not provided by Rules.

1-1. The basic concepts used in Rules:

1) temporary administration (the temporary administrator) - the body appointed by authorized body for ensuring safety of property and implementation of actions for management of the organization (further - temporary administration);

2) the head of temporary administration - person designated by authorized body from among his workers or persons who are not employees of authorized body;

3) the member of temporary administration - person designated by authorized body from among his workers or persons who are not employees of authorized body;

4) persons who are not employees of authorized body - employees of the organization performing obligatory guaranteeing deposits and the organization, guaranteeing implementation of insurance payments to insurers (insured, to beneficiaries) in case of liquidation of insurance companies (further - the organization guaranteeing implementation of insurance payments).

Chapter 2. Procedure for appointment and structure of temporary administration

2. The temporary administration is appointed by the decision of authorized body.

The temporary administration is appointed to the period from the date of deprivation of the organization of the license and before appointment of liquidation commission as authorized body.

The temporary administration appointed by authorized body in case of deprivation of the license of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan for the right of implementation of insurance (reinsurance) activity stops the powers after transfer of the insurance portfolio.

3. In the decision of authorized body on appointment of temporary administration it is specified:

1) full and abbreviated name of the organization;

2) date and number of the decision of authorized body on deprivation of the license of the organization;

3) effective period of temporary administration;

4) surname, name, in the presence - middle name of the head and members of temporary administration, with indication of their positions;

5) orders of authorized body about accomplishment of the tasks and functions assigned to temporary administration.

4. The structure of temporary administration is determined by authorized body depending on availability at the organization of branches and representations, and also from nature and amount of the forthcoming work.

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