RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 26, 2016 No. 303

About approval of Rules of transfer of the insurance portfolio and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization

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 transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, and also structural elements of some regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix to this resolution.

3. To department of insurance supervision (Kurmanov Zh. B.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal 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" 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 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.

4. To management on consumer protection of financial services and external communications (Terentyev A. L.) 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.

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

6. 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 December 26, 2016 No. 303

Rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization

Chapter 1. General provisions

1. These rules of transfer of the insurance portfolio and feature of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization (further – Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity in the Republic of Kazakhstan" (further - the Law) and determine procedure for transfer of the insurance portfolio by the insurance (reinsurance) organizations (further – insurance company), procedure and features of transfer of the insurance portfolio from the date of the introduction in legal force of the judgment about involuntary liquidation of the insurance (reinsurance) organization, and also in case of preservation or deprivation of insurance license (reinsurance) organization.

2. The basic concepts used in Rules:

1) the potential insurer acquirer – the insurance company which showed interest in adoption of the insurance portfolio;

2) the organization for guaranteeing – the organization guaranteeing implementation of insurance payments to insurers (insured, to beneficiaries) in case of involuntary liquidation of insurance companies on the guaranteed types of insurance included in system of guaranteeing insurance payments;

3) transfer of the insurance portfolio - transfer by insurance company, the interim manager, temporary administration (the temporary administrator), liquidation commission of the rights and obligations which arose based on all or part of the insurance contracts (reinsurance) (further – the insurance contract) concluded by insurance company with insurers, other insurance company based on the agreement on transfer of the insurance portfolio;

4) the insurer acquirer - the insurance company accepting insurance portfolio;

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