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

of September 12, 2022 No. 64

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning liquidation of the insurance (reinsurance) organizations, the termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan

Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the List of regulatory legal acts of the Republic of Kazakhstan concerning liquidation of the insurance (reinsurance) organizations, the termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan to which changes and amendment, according to appendix to this resolution are made.

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 September 12, 2022 No. 64

The list of regulatory legal acts of the Republic of Kazakhstan concerning liquidation of the insurance (reinsurance) organizations, the termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan to which changes and amendment are made

1. Bring in 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 March 25, 2006 No. 77 "About approval of Rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirements of liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 4257) the following changes:

state heading in the following edition:

"About approval of Rules of liquidation and job requirement of liquidation commission of compulsorily liquidated insurance (reinsurance) organization";

state Item 1 in the following edition:

"1. Approve the enclosed Rules of liquidation and job requirement of liquidation commission of compulsorily liquidated insurance (reinsurance) organization.";

in Rules of liquidation of the insurance (reinsurance) organization, the forced termination of activities of the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and job requirements of the liquidation commissions of compulsorily liquidated insurance (reinsurance) organization which is compulsorily stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, approved by the specified resolution:

state heading in the following edition:

"Rules of liquidation and job requirement of liquidation commission of compulsorily liquidated insurance (reinsurance) organization";

1, 2 and 3 to state Items in the following edition:

"1. These rules of liquidation and job requirement of liquidation commission of compulsorily liquidated insurance (reinsurance) organization (further - Rules) are developed according to the Civil code of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan "About insurance activity" (further - the Law on insurance activity), "About joint-stock companies", "About state regulation, control and supervision of the financial market and the financial organizations".

2. For the purpose of application of Rules the following concepts are used:

1) minimum price - the price below which lot is not on sale;

2) the starting price - the price with which the biddings on each lot begin, the established not lower than the cost of lot (property), determined by the appraiser according to the Law of the Republic of Kazakhstan "About estimative activities in the Republic of Kazakhstan" (further - the Law on estimative activities);

3) contingencies - costs for urgent needs unplanned by liquidation commission which size does not exceed 100 (hundred) monthly settlement indicators;

4) creditor committee - the body created from among creditors of the liquidated insurance (reinsurance) organization for the purpose of ensuring interests of creditors and decision making with their participation;

5) category of creditors - group of creditors whose requirements have homogeneous character and the stipulated in Article 72 Laws on insurance activity are satisfied within certain queue;

6) the register of requirements of creditors - the document approved by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) according to Item 2 of article 70 of the Law on insurance activity, reflecting the requirements of creditors recognized by liquidation commission, requirements of the organization guaranteeing implementation of insurance payments to insurers (insured, to beneficiaries) in case of liquidation of insurance companies (further - Fund) on the performed warranty payments, expenses connected with payment of the insurance portfolio of compulsorily liquidated insurance (reinsurance) organization transferred to other insurance (reinsurance) organization according to the procedure and on conditions the stipulated in Article 54-1 Law on insurance activity and 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, approved by the resolution of Board of National Bank of the Republic of Kazakhstan of October 29, 2018 No. 262, registered in the Register of state registration of regulatory legal acts at No. 17885;

7) values - currency values, banknotes and coins of the Republic of Kazakhstan, securities and forms of the strict reporting, precious metals, products from them, and also the coins made of precious metals, which left the address and valuable objects;

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