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

of November 23, 2022 No. 100

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning Fund of guaranteeing insurance payments

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 Fund of guaranteeing insurance payments to which changes and additions, 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.

4. 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.

5. This resolution becomes effective after ten calendar days after day of its first official publication, except for Item 5 of the List which becomes effective since January 1, 2023.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of November 23, 2022 No. 100

The list of regulatory legal acts of the Republic of Kazakhstan concerning Fund of guaranteeing insurance payments to which changes and additions are made

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of September 24, 2003 No. 345 "About approval of the Standard agreement of participation in Fonda of guaranteeing insurance payments" (it is registered in the Register of state registration of regulatory legal acts at No. 2548) the following changes and amendments:

in the Standard agreement of participation in Fonda the guaranteeing insurance payments approved by the specified resolution:

state Item 1 in the following edition:

"1. Subject of this agreement is participation of insurance company - the participant in Fund according to requirements of the Law and regulatory legal acts of authorized body for regulation, control and supervision of the financial market and the financial organizations (further - authorized body) by payment of initial onetime and additional contributions (for the insurance participating organization having the license for implementation of compulsory insurance of civil responsibility of owners of vehicles), compulsory, extraordinary contributions, forming of contingent obligations and acceptance on itself the obligations defined by this agreement on additional protection of the rights of insurers.";

state item 4 in the following edition:

"4. Payment of compulsory contributions is made by the insurance participating organizations performing activities in industry "general insurance", independently into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of guaranteeing insurance payments for industry "general insurance" following the results of every quarter no later than 15 (fifteenth) following reporting quarter.

Payment of compulsory contributions is made by the insurance participating organizations performing activities in industry "life insurance", independently into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of guaranteeing insurance payments for industry "life insurance" following the results of every quarter no later than 15 (fifteenth) following reporting quarter.";

to state heading of Chapter 2-1 in the following edition:

"Chapter 2-1. Payment procedure of initial onetime, additional contributions the insurance participating organizations performing activities in industry "general insurance";

add with Items 4-4 and 4-5 of the following content:

"4-4. Insurance company - the participant, having the license for implementation of compulsory insurance of civil responsibility of owners of vehicles, pays the initial onetime fee in the amount of, No. 184 established by 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 June 25, 2007 "About establishment of the size of the initial onetime fee, procedure and terms for payment by the insurance participating organizations of Fund of guaranteeing insurance payments" (it is registered in the Register of state registration of regulatory legal acts at No. 4855).

4-5. Payment of the initial onetime fee is made by insurance company – the participant, the civil responsibility of owners of vehicles having the license for implementation of compulsory insurance, into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of indemnification no later than 5 (five) working days from the date of the conclusion of this agreement.";

state Item 11 in the following edition:

"11. Forming of contingent obligations is made by independently insurance company – the participant quarterly on each guaranteed type of insurance no later than 15 (fifteenth) following reporting quarter and the created contingent obligations do not change before completion of the current quarter.";

to state heading of Chapter 5 in the following edition:

"Chapter 5. Payment by Fund of insurance portfolio of the liquidated (insurance) reinsurance organization. Conditions and procedure of warranty payments";

state Item 12 in the following edition:

"12. The fund performs payment of the insurance portfolio of the liquidated insurance (reinsurance) organization transferred to insurance company - to the participant, the assets acquired as a result of investment according to the rules of investment of own assets of "Fund of Guaranteeing Insurance Payments" joint-stock company, means of reserves of guaranteeing insurance payments and means of reserve of indemnification determined by regulatory legal act of authorized body according to the subitem 3) of Item 1 of article 4 of the Law.";

state Item 13 in the following edition:

"13. Payment of insurance portfolio of the liquidated insurance (reinsurance) organization by Fund is performed no later than 10 (ten) calendar days from the date of the conclusion of the agreement on transfer of the insurance portfolio.";

state Item 28 in the following edition:

"28. The fund shall:

1) to sign the contract of participation with insurance company - the participant;

To provide 2) to insurance companies - participants the annual financial reporting according to the agreement of participation;

3) annually to publish the annual financial reporting confirmed with auditing organization;

4) to exercise control of payment procedure by insurance companies - participants of compulsory, additional and extraordinary contributions, and also forming of contingent obligations by them;

5) to perform warranty payments to creditors according to obligations of the liquidated insurance company according to the procedure, provided by the Law;

6) to book audit;

7) to inform authorized body on the facts of violation by insurance companies of the legislation of the Republic of Kazakhstan on insurance and insurance activity which became to it known;

8) to refund expenses to insurance company - the participant, connected with implementation of actions for determination of insured event and the extent of damage suffered, including expenses on evaluating the damaged property, according to the procedure and the size, established by the Law and regulatory legal acts of authorized body;

9) to pay the insurance portfolio of the liquidated insurance (reinsurance) organization transferred to insurance company - to the participant;

To use 10) only in the office purposes all information on activities of insurance companies which became to them known in process of implementation of the functions.";

state Item 30 in following editions:

"30. Insurance company - the participant has the right:

To publish 1) in the periodic printing editions distributed in all territory of the Republic of Kazakhstan, in the Kazakh and Russian languages information on participation in system of guaranteeing insurance payments;

2) to obtain information relating to implementation of warranty payments to creditors from Fund;

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