RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of January 28, 2016 No. 51

About approval of Rules of application of limited corrective actions concerning the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, and also organization for forming and maintaining the database

According to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and of June 3, 2003 "About Fund of guaranteeing insurance payments" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of application of limited corrective actions concerning the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, and also organization for forming and maintaining the database.

2. To department of supervision of subjects of the insurance market (Kaliyev A. E.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal support department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) the direction of this resolution in the republican state company on the right of economic maintaining "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan":

on official publication in information system of law of Ad_let within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan;

for inclusion in the State register of regulatory legal acts of the Republic of Kazakhstan, Reference control bank of regulatory legal acts of the Republic of Kazakhstan within ten calendar days from the date of its obtaining by National Bank of the Republic of Kazakhstan after state registration in the Ministry of Justice of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication.

3. To department of the international relations and public relations (Kazybayev A. K.) provide the direction of this resolution on official publication in periodic printing editions within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Smolyakov O. A.

5. 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 January 28, 2016 No. 51

Rules of application of limited corrective actions concerning the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, and also organization for forming and maintaining the database

1. General provisions

1. These rules of application of limited corrective actions concerning the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, and also organization for forming and maintaining the database (further - Rules) are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and of June 3, 2003 "About Fund of guaranteeing insurance payments" (further - the Law on Fonda), 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) limited corrective actions concerning the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, and also organization for forming and maintaining the database.

2. The authorized body according to article 53-2 of the Law, article 3-1 of the Law on Fonda applies limited corrective action to the insurance (reinsurance) organization, including insurance company, being the participant of system of guaranteeing insurance payments, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, organization for forming and maintaining the database taking into account one or several of the following factors:

1) risk level.

The risk is understood as probability of emergence of negative consequences in the form of violation of the rights and freedoms of citizens, causing damage to interests of society and to the state as a result of non-execution and (or) incomplete execution by the insurance (reinsurance) organization, insurance broker, the actuary, insurance holding, the organizations which are part of insurance group, large members of the insurance (reinsurance) organization, the organization for forming and maintaining the database of the requirements established by the legislation of the Republic of Kazakhstan on insurance and insurance activity when implementing activities and also deterioration in financial condition of the insurance (reinsurance) organization, insurance broker, insurance group, "Fund of Guaranteeing Insurance Payments" Joint-stock company (further - Fund);

2) capabilities to correct situation as a result of application of the chosen limited corrective action;

3) nature of violation and possible consequences for the insurance (reinsurance) organization, insurance broker, insurance group, the organization for forming and maintaining the database, Fund;

4) frequencies and durations of violation;

5) the size of losses of the insurance (reinsurance) organization, insurance broker, insurance group, Fund as a result of the allowed violation;

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