RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 270

About establishment of requirements to the minimum size authorized and equity of insurance broker, procedure for forming of the assets of branch of the insurance nonresident broker of the Republic of Kazakhstan accepted as reserve, and their minimum size and approval of Rules of implementation of activities of insurance broker

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. Establish the following requirements to forming authorized and equity of insurance broker:

1) the minimum size of the authorized capital of newly created insurance broker in form of business of limited liability partnership or joint-stock company, constitutes at least the size, stipulated in Item 2 articles 23 of the Law of the Republic of Kazakhstan "About partnerships with the limited and accessorial liability" and article 10 of the Law of the Republic of Kazakhstan "About joint-stock companies" respectively;

2) the minimum size of equity of insurance broker constitutes at least following sizes (in monthly settlement indicators, the size which it is established by the law of the Republic of Kazakhstan on the republican budget for the corresponding financial year):

for the insurance broker performing intermediary activities for the conclusion of insurance contracts on its own behalf and at the request of the insurer - 3 500 (three thousand five hundred);

for the insurance broker performing intermediary activities for the conclusion of agreements of reinsurance on its own behalf and at the request of the reinsurer (assignor) - 80 000 (eighty thousand);

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info