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 April 30, 2007 No. 122

About approval of Rules and conditions of issue of permission to creation of the insurance (reinsurance) organization, and also requirements to contents of the documents submitted for receipt of permission to creation of the insurance (reinsurance) organization, Rules of licensing of insurance (reinsurance) activity and activities of insurance broker, and also requirements to contents of the documents submitted for receipt of the license

For the purpose of enhancement of the regulatory legal acts regulating insurance activity, 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:

1) Rules and conditions of issue of permission to creation of the insurance (reinsurance) organization, and also the requirement to contents of the documents submitted for receipt of permission to creation of the insurance (reinsurance) organization according to appendix 1 to this resolution;

2) Rules of licensing of insurance (reinsurance) activity and activities of insurance broker, and also requirements to contents of the documents submitted for receipt of the license according to appendix 2 to this resolution.

2. Recognize to invalid:

1) the resolution of Board of the Agency of January 9, 2006 No. 11 "About approval of Rules of licensing for the right of implementation of insurance (reinsurance) activity and activities of insurance broker (registered in the Register of state registration of regulatory legal acts at No. 4076, published in the Yuridicheskaya Gazeta newspaper of February 17, 2006, No. 28-29 (1008-1009));

2) the resolution of Board of the Agency of January 9, 2006 No. 12 "About approval of Rules of issue of permission to the creation of the insurance (reinsurance) organization (registered in the Register of state registration of regulatory legal acts at No. 4077).

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 management of licensing (Nazhimedenova A. Zh.):

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, the insurance (reinsurance) organizations and Organization of legal entities "Association of financiers of Kazakhstan".

5. To provide to department of the international relations and public relations 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 April 30, 2007 No. 122

Rules and conditions of issue of permission to creation of the insurance (reinsurance) organization, and also the requirement to contents of the documents submitted for receipt of permission to creation of the insurance (reinsurance) organization

Chapter 1. General provisions

1. These rules and conditions of issue of permission to creation of the insurance (reinsurance) organization, and also the requirement to contents of the documents submitted for receipt of permission to creation of the insurance (reinsurance) organization (further - Rules), are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", of April 15, 2013 "About the state services", of May 16, 2014 "About permissions and notifications", of January 7, 2003 "About the electronic document and the digital signature" and of November 24, 2015 "About informatization" and determine procedure and conditions of issue by authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body, the service provider) permissions to creation of the insurance (reinsurance) organization, and also the requirement to contents of the documents submitted for receipt of permission to creation of the insurance (reinsurance) organization (further - the state service).

Rules extend also to the Islamic insurance (reinsurance) organizations.

Chapter 2. Procedure and conditions of issue of permission to creation of the insurance (reinsurance) organization

2. For receipt of permission to creation of the insurance (reinsurance) organization the physical person or legal entity (further - the applicant, uslugopoluchatel) submits in authorized body the application for issue of permission to creation of the insurance (reinsurance) organization (further - the statement) in form according to appendix 1 to Rules in electronic form through the web portal of "the electronic government" www.egov.kz, www.elicense.kz (further - the portal).

In case of the direction the applicant of the statement through the portal in "personal account" automatically displays the status about acceptance of request for rendering the state service with indication of date and time of receipt of result.

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