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

of May 5, 2023 No. 23

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market

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 regulation of the financial market 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.

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 May 5, 2023 No. 23

The list of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market to which changes and additions 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 1, 2010 No. 25 "About approval of Requirements to implementation by insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan of insurance activity, including in relations with participants of the insurance market, to the contract of the order signed between insurance company and insurance agent and powers of insurance agent for implementation of intermediary activities in the insurance market, and also the minimum training program of insurance agents and requirements to procedure for carrying out training" (it is registered in the Register of state registration of regulatory legal acts at No. 6164) the following changes:

in Requirements to implementation by insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan of insurance activity, including in relations with participants of the insurance market, to the contract of the order signed between insurance company and insurance agent and powers of insurance agent for implementation of intermediary activities in the insurance market, and also the minimum training program of the insurance agents and requirements to procedure for carrying out training approved by the specified resolution:

state Item 1 in the following edition:

"1. These Requirements to implementation by insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan of insurance activity, including in relations with participants of the insurance market, to the contract of the order signed between insurance company and insurance agent and powers of insurance agent for implementation of intermediary activities in the insurance market, and also the minimum training program of insurance agents and the requirement to procedure for carrying out training (further – Requirements) are developed according to articles 11-1, 18 and 18-1 of the Law of the Republic of Kazakhstan "About insurance activity" (further – the Law) for the purpose of settlement of the processes arising in case of the conclusion and execution of insurance contracts including when implementing by insurance agent of intermediary activities for the conclusion of insurance contracts for and on behalf of insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan.

Collection, processing and personal data protection according to Requirements are performed according to the Law of the Republic of Kazakhstan "About personal data and their protection".

The provisions of these Requirements regulating procedure insurance company of insurance activity including in relations with participants of the insurance market, to the contract of the order signed between insurance company and insurance agent and powers of insurance agent for implementation of intermediary activities in the insurance market, and also the minimum training program of insurance agents and the requirement to procedure for carrying out training, extend to branches of the insurance nonresident organizations of the Republic of Kazakhstan performing insurance activity in the territory of the Republic of Kazakhstan taking into account the features provided by the Law of the Republic of Kazakhstan "About insurance activity".";

exclude Item 14;

exclude appendix 4;

in appendix 5:

state Item 5 in the following edition:

"5. Insurance of civil responsibility. Obligatory types of insurance:

1) essence of liability insurance;

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