RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of March 26, 2012 No. 133

About approval of Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities

According to part two of Item 9 of Article 67 and part eight of Item 3 of article 72-1 of the Law of the Republic of Kazakhstan "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities according to appendix to this resolution.

2. Recognize invalid the following regulatory legal acts of the Republic of Kazakhstan:

1) 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" (registered in the Register of state registration of regulatory legal acts at No. 4772);

2) 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 November 28, 2008 No. 189 "About entering of amendment and change into 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" (registered in the Register of state registration of regulatory legal acts at No. 5413).

3. This resolution becomes effective after ten calendar days after day of its first official publication.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of March 26, 2012 No. 133

Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization and the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities

These Features of activities of liquidation commissions of voluntarily liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities (further – Features of activities of liquidation commissions) are developed according to part two of Item 9 of Article 67 and part eight of Item 3 of article 72-1 of the Law of the Republic of Kazakhstan "About insurance activity" (further - the Law on insurance activity) and establish features of the organization of activities of liquidation commissions (further – liquidation commission) voluntarily liquidated insurance (reinsurance) organization (further – the liquidated insurance (reinsurance) organization), the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan which is voluntarily stopping activities (further – the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities), forming and approvals of the estimate of liquidating expenses, forming and activities of the creditor committee of the liquidated insurance (reinsurance) organization stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also the requirement for accomplishment of storage precautions of cash by liquidation commissions in cash desk, making of receipt and account transactions with cash, maintaining cash documents on providing expenditure of cash, limits of cash balances, and also terms of delivery of cash on the current account of liquidation commission.

Chapter 1. General provisions

1. The beginning of process of voluntary liquidation of the insurance (reinsurance) organization (further – liquidation), the voluntary termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further – the activities termination) date of creation of liquidation commission is considered.

2. The liquidation commission is created by general meeting of shareholders of the insurance (reinsurance) organization, relevant organ of management of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan no later than 45 (forty five) calendar days from the date of receipt by the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan of the decision of the state body performing state regulation, control and supervision of the financial market and the financial organizations (further - authorized body) about issue of permission on:

voluntary liquidation of the insurance (reinsurance) organization taking into account branches and representative offices of the insurance (reinsurance) organization;

voluntary termination of activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.

Change of structure of liquidation commission is performed according to the decision of general meeting of shareholders of the insurance (reinsurance) organization, relevant organ of management of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.

Chapter 2. Features of the organization of activities of liquidation commissions

3. From the date of creation of liquidation commission and before completion of process of liquidation, the activities termination:

1) powers of the general shareholder meeting, other bodies and officials of the liquidated insurance (reinsurance) organization stopping activities of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan including on property administration and repayment of obligations of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, and also their right on management of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stop;

2) the actions performed from name or at the expense of the liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities have legal force only in case of their making by the chairman of liquidation commission, or person to whom by the chairman it is issued drawn up in established by the Civil code of the Republic of Kazakhstan (further - the Civil code) procedure the power of attorney on making of these actions;

3) the requirements of property nature relating to the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan are considered by liquidation commission according to Features of activities of liquidation commissions and the civil legislation of the Republic of Kazakhstan.

4. From the date of creation of liquidation commission pass all powers on administration to it and property of the liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities.

The liquidation commission takes measures for completion of cases of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, including on ensuring settlings with her creditors and shareholders.

The provision of part two of this Item regarding ensuring settlings with shareholders does not extend to the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities.

The liquidation commission acts on behalf of the liquidated insurance (reinsurance) organization, the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan stopping activities and is independent in case of decision making on the questions entering its competence.

5. The chairman of liquidation commission heads work of liquidation commission. In the absence of the chairman of liquidation commission of its obligation the deputy appointed by the chairman from among members of liquidation commission performs.

6. In the presence at the insurance (reinsurance) organization of branches and (or) representations, their liquidation is made by the division of liquidation commission created on places (further - division).

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