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 January 19, 2004 No. 6

About approval of the Instruction about conditions of activities of insurance broker

For the purpose of implementation of the Law of the Republic of Kazakhstan "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial DECIDES: organizations

1. Approve the enclosed Instruction about conditions of activities of insurance broker.

2. To department of strategy and analysis (Edenbayev E. S.):

1) together with Legal department (Baysynov M. B.) 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 of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations, insurance brokers.

3. To provide to department on ensuring activities of the Agency the publication of this resolution in official mass media and official printing publications of National Bank of the Republic of Kazakhstan.

4. To impose control over execution of this resolution on the vice-chairman of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations Dosmukametov K. M.

5. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

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 January 19, 2004 No. 6

The instruction about conditions of activities of insurance broker

This Instruction is developed according to the Law of the Republic of Kazakhstan "About insurance activity" (further - the Law) and determines conditions of activities of insurance brokers.

1. General provisions

1. In this Instruction the following concepts are used:

1) reinsurance the cover-note - the document confirming the obligation of the reinsurance organization concerning share of the risk accepted by it in reinsurance, and which is drawn up by insurance broker concerning each separate agreement of reinsurance in which the main terms of the contract of reinsurance on which the reinsurance organization makes mark (the authorized signature or seal) about the risk share (part of insurance sum) accepted by it on reinsurance with indication of full name of the reinsurance organization are reflected. Reinsurance the cover-note it is constituted according to the accepted practice of business conduct of the international insurance market;

1-1) agreements of obligatory reinsurance - the agreement between the reinsurer (assignor) and the overcautious person in accordance with the terms of whom the overcautious person has obligation to make reinsurance payment in case of approach of insured events for agreements of certain type of insurance (or united on other signs (similar valuable interests, insurers or insurance risks)) to which the reinsurance covering extends and the reinsurer shall pay to the overcautious person the reinsurance award which is due in its advantage according to all such insurance contracts and also to fulfill other duties provided by this agreement;

1-2) non-proportional reinsurances - the term of the contract of reinsurance providing the obligation of the overcautious person to perform reinsurance payment within the sum determined by the agreement of reinsurance if the amount of insurance payment for the insurance contract signed by the reinsurer exceeds its own deduction in such payment;

1-3) proportional reinsurances - the term of the contract of reinsurance the providing obligation of the overcautious person to perform reinsurance payment in the percent determined by the agreement from insurance payment for the agreement of direct insurance concluded by the reinsurer;

2) the agreement on settling with the insurance (reinsurance) organization - the document processed by insurance broker and which is subject to coordination with the insurance (reinsurance) organization based on which calculations for insurance premiums with the insurance (reinsurance) organization concerning each separate insurance risk accepted on insurance (in reinsurance) the insurance (reinsurance) organization are made;

3) insurance slip - the document confirming the obligation of insurance company concerning share of the risk accepted by insurance company on insurance, and which is drawn up by insurance broker concerning each separate insurance contract in which the main terms of the contract of insurance are reflected and on which the insurance company makes mark (the authorized signature or seal) about the risk share (part of insurance sum) accepted by it on insurance;

3-1) agreement of facultative reinsurance - the agreement between the reinsurer (assignor) and the overcautious person, in accordance with the terms of whom the overcautious person has obligation to make reinsurance payment in case of loss occurrence for the insurance contract to which the reinsurance covering extends and, the reinsurer shall pay to the overcautious person reinsurance award, and also fulfill other duties provided by this agreement.

2. Conditions of activities of insurance broker

2. The insurance broker performs types of broker activities according to Item 2 of article 17 of the Law.

3. The insurance broker fulfills the assumed liabilities in strict accordance with the contract with clients and with observance of requirements of the legislation of the Republic of Kazakhstan signed by it.

4. The specific list of the rights and obligations of insurance broker, and also responsibility to the insurer or the assignor for their execution are determined by the agreement signed between them.

5. Compulsory provisions of the agreement signed between insurance broker and the insurer (assignor) are:

1) provision of data by the insurer, according to the procedure and on conditions, stipulated in Article 832 Civil codes of the Republic of Kazakhstan;

2) terms of transfer of insurance premiums from the insurer (assignor) on the bank account of the insurance (reinsurance) organization and insurance payments from the insurance (reinsurance) organization to the insurer (on the bank account to the assignor), to the beneficiary;

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