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

of November 27, 2023 No. 85

About modification of 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, 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 November 27, 2023 No. 85

The list of regulatory legal acts of the Republic of Kazakhstan concerning regulation of the financial market to which changes 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 and job requirements of liquidation commission of compulsorily liquidated insurance (reinsurance) organization" (it is registered in the Register of state registration of regulatory legal acts at No. 4257) the following changes:

in the Rules of liquidation and job requirements of liquidation commission of compulsorily liquidated insurance (reinsurance) organization approved by the specified resolution:

state Item 2 in the following edition:

"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 of the insurance (reinsurance) organization and also features of transfer of the insurance portfolio in case of deprivation of insurance license (reinsurance) organization and Rules of transfer of the insurance portfolio of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also the features of transfer of the insurance portfolio in case of deprivation of the license of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan 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;

8) lot - the property offered for auction divided into units, indivisible for realization;

9) the periodic printing edition - the newspaper, the magazine, the almanac, the bulletin, the appendices to them having the permanent name, the current issue and issued at least once in three months;

10) the creditor of the insurance (reinsurance) organization - person having the property requirements arising from civil and other obligations to the liquidated insurance (reinsurance) organization;

11) sales price - the final price of lot established as a result of the biddings, and in case of realization of property without tendering - the final price of property established by creditor committee or the chairman of liquidation commission according to Rules;

12) object of realization - the property of the liquidated insurance (reinsurance) organization put up for sale as separate (independent) unit or consolidated from several units in one lot, other property;

13) the seller - liquidation commission of the liquidated insurance (reinsurance) organization;

14) the buyer - the winning bidder who signed the purchase and sale agreement with the seller;

15) the winning bidder - the participant who offered top price for lot at the biddings;

16) the bidder - the physical person or legal entity which submitted the application for participation in the biddings in the procedure established by the organizer of the biddings and registered by the organizer of the biddings as the participant;

17) the organizer of the biddings - liquidation commission of the liquidated insurance (reinsurance) organization either the physical or legal entity who signed with liquidation commission the service provision agreement on tendering and uninterested in results of the biddings;

18) the English method of the biddings - method of the biddings in case of which the starting price of lot raises with in advance announced step to the moment when there is one of participants who offered maximum price for lot;

19) the Dutch method of the biddings - method of the biddings in case of which the starting price of lot goes down with in advance announced step to the moment when one of participants agrees to purchase lot at the announced price;

20) liquidation commission - the body appointed (exempted) by authorized body in case of adoption by court of the decision on involuntary liquidation of the insurance (reinsurance) organization, performing under direct management of the chairman of liquidation commission of power on property management and cases of the insurance (reinsurance) organization during liquidation procedure for the purpose of completion of cases of the insurance (reinsurance) organization and ensuring settlings with her creditors;

21) expenses of liquidation commission - the costs connected with consumption of goods, works and services in the course of involuntary liquidation of the insurance (reinsurance) organization (further - liquidating expenses);

22) liquidating, competitive weight - the assets of the liquidated insurance (reinsurance) organization intended for completion of cases of the insurance (reinsurance) organization and ensuring settlings with her creditors;

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