THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of December 13, 2021 No. 105

About introduction of amendments to the resolution of Board of National Bank of the Republic of Kazakhstan of March 26, 2012 No. 133 "About approval of the Instruction for voluntary liquidation of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan"

According to part two of Item 9 of Article 67 and part eight of Item 3 of article 72-1 of the Law of the Republic of Kazakhstan "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of March 26, 2012 No. 133 "About approval of the Instruction for voluntary liquidation of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 7662) the following changes:

state heading in the following edition:

"About approval of Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities";

to state preamble and Item 1 in the following edition:

"According to part two of Item 9 of Article 67 and part eight of Item 3 of article 72-1 of the Law of the Republic of Kazakhstan "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities according to appendix to this resolution.";

To be reworded as follows the instruction for voluntary liquidation of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan approved by the specified resolution according to appendix to this resolution.

2. To provide to department of the insurance market and actuarial calculations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective after ten calendar days after day of its first official publication.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of December 13, 2021 No. 105

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of March 26, 2012 No. 133

Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities

These Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities (further – Features of activities of liquidation commissions) are developed according to part two of Item 9 of Article 67 and part eight of Item 3 of article 72-1 of the Law of the Republic of Kazakhstan "About insurance activity" (further - the Law on insurance activity) and establish features of the organization of activities of liquidation commissions (further – liquidation commission) voluntarily liquidated insurance (reinsurance) organization (further – the liquidated insurance (reinsurance) organization), the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities (further – the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities), forming and approvals of the estimate of liquidating expenses, forming and activities of the creditor committee of the liquidated insurance (reinsurance) organization stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also the requirement for accomplishment of storage precautions of cash by liquidation commissions in cash desk, making of receipt and account transactions with cash, maintaining cash documents on providing expenditure of cash, limits of cash balances, and also terms of delivery of cash on the current account of liquidation commission.

Chapter 1. General provisions

1. The beginning of process of voluntary liquidation of the insurance (reinsurance) organization (further – liquidation), the voluntary termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further – the activities termination) date of creation of liquidation commission is considered.

2. The liquidation commission is created by general meeting of shareholders of the insurance (reinsurance) organization, relevant organ of management of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan no later than 45 (forty five) calendar days from the date of receipt by the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan of the decision of the state body performing state regulation, control and supervision of the financial market and the financial organizations (further - authorized body) about issue of permission on:

voluntary liquidation of the insurance (reinsurance) organization taking into account branches and representative offices of the insurance (reinsurance) organization;

voluntary termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.

Change of structure of liquidation commission is performed according to the decision of general meeting of shareholders of the insurance (reinsurance) organization, relevant organ of management of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.

Chapter 2. Features of the organization of activities of liquidation commissions

3. From the date of creation of liquidation commission and before completion of process of liquidation, the activities termination:

1) powers of the general shareholder meeting, other bodies and officials of the liquidated insurance (reinsurance) organization stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan including on property administration and repayment of obligations of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also their right on management of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stop;

2) the actions performed from name or at the expense of the liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities have legal force only in case of their making by the chairman of liquidation commission, or person to whom by the chairman it is issued drawn up in established by the Civil code of the Republic of Kazakhstan (further - the Civil code) procedure the power of attorney on making of these actions;

3) the requirements of property nature relating to the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan are considered by liquidation commission according to Features of activities of liquidation commissions and the civil legislation of the Republic of Kazakhstan.

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