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 30, 2007 No. 61

About approval of Rules of voluntary liquidation of the insurance (reinsurance) organizations

For the purpose of enhancement of the regulatory legal acts regulating procedure for voluntary liquidation of the insurance (reinsurance) organizations, Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of voluntary liquidation of the insurance (reinsurance) organizations.

2. Recognize to invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of March 3, 2001 No. 55 "About approval of Rules of voluntary liquidation of the insurance (reinsurance) organizations in the Republic of Kazakhstan" (registered in the Register of state registration of regulatory legal acts at No. 1471, published in the Yuridicheskaya Gazeta newspaper on June 4, 2001 No. 26);

2) the resolution of Board of the Agency of January 19, 2004 No. 9 "About modification and amendments in the resolution of Board of National Bank of the Republic of Kazakhstan of March 3, 2001 No. 55 "About approval of Rules of voluntary liquidation of the insurance (reinsurance) organizations in the Republic of Kazakhstan", registered in the Ministry of Justice of the Republic of Kazakhstan at No. 1471" (registered in the Register of state registration of regulatory legal acts at No. 2713, published in the Bulletin of regulatory legal acts of the Republic of Kazakhstan of the central executive and local state bodies of the Republic of Kazakhstan, 2004, Art. No. 33-36, 991).

3. This resolution becomes effective after fourteen days from the date of its state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To department of liquidation of the financial organizations (Bakhtiyarova G. A.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency.

5. To department of the international relations and public relations to take measures to the publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Uzbekov G. N.

Approved 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 March 30, 2007 No. 61

Rules of voluntary liquidation of the insurance (reinsurance) organizations

These rules 73 Laws of the Republic of Kazakhstan "About insurance activity" are drafted according to Articles 66, of 67, (далееЗакон about insurance activity) and determine procedure for issue by authorized body by regulation and supervision of the financial market and the financial organizations (further - authorized body) permissions to voluntary liquidation of the insurance (reinsurance) organization, feature of activities of liquidation commission of voluntarily liquidated insurance (reinsurance) organization, forming and activities of creditor committee of voluntarily liquidated insurance (reinsurance) organization, procedure for forming and approval of the estimate of liquidating expenses, requirements for respect of cash discipline by liquidation commission.

The concepts used in these rules are applied in the values determined by the legislation of the Republic of Kazakhstan.

Chapter 1. Procedure for issue by authorized body of permission to voluntary liquidation of the insurance (reinsurance) organization

1. To the petition for issue of permission to voluntary liquidation the following documents are submitted:

1) decision of general meeting of shareholders of the insurance (reinsurance) organization on voluntary liquidation;

2) the candidate list in members of liquidation commission, including its divisions created in branches or representations;

3) the balance statement with disaggregations of all accounts on acceptance date general meeting of shareholders of the decision on voluntary liquidation of the insurance (reinsurance) organization confirmed with the audit report testimonial of sufficiency of own means of the insurance (reinsurance) organization for complete execution of its obligations;

4) the list of creditors of the insurance (reinsurance) organization including data on the amount of obligations of the insurance (reinsurance) organization, constituted on acceptance date by general meeting of shareholders of the decision on voluntary liquidation of the insurance (reinsurance) organization;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info