Article 15-1. Grounds and procedure for making guarantee payments for guaranteed annuity insurance classes The Law on the Insurance Benefit Guarantee Fund

Home / RLA / Article 15-1. Grounds and procedure for making guarantee payments for guaranteed annuity insurance classes The Law on the Insurance Benefit Guarantee Fund

1. The creditor shall have the right to claim a guarantee payment from the Fund upon the expiration of two working days from the date of transfer to the Fund by the interim administration appointed by the authorized body on the basis of its decision to revoke the license of the insurance organization, the register of insurance contracts for which the guarantee is provided in accordance with subparagraph 1) paragraph 2 of this Article, within the time limits established by the Law of the Republic of Kazakhstan "On Insurance Activities".

2. Creditors have the right to receive a guarantee payment:

1) under annuity insurance contracts carried out in accordance with the Social Code of the Republic of Kazakhstan and the Law of the Republic of Kazakhstan "On compulsory insurance of employees against accidents in the performance of their labor (official) duties", effective at the time of appointment by the authorized body of the interim administration on the basis of its decision to revoke the license of the insurance organization;

2) under annuity insurance contracts concluded in connection with the establishment or extension (re-certification) of the degree of professional disability of an employee upon termination of activity (liquidation) of a legal entity (employer), from the date of appointment by the authorized body of the temporary administration.

The creditors' rights to receive the guarantee payments specified in part one of this paragraph are valid until the date of transfer of the insurance portfolio of the participating insurance organization in liquidation in accordance with the procedure provided for by the Law of the Republic of Kazakhstan "On Insurance Activities" to another insurance organization licensed in the life insurance industry.

In the case of an individual applying to the Fund in connection with the emergence of the right of claim to the Fund to make a guarantee payment on the grounds provided for in subparagraph 2) According to the first part of this paragraph, the guarantee payment is made by the Fund on the basis of documents received from the interim administration of the insurance company, in accordance with the procedure and conditions provided for by this Law.

3. Upon the expiration of two working days after receiving the register of insurance contracts from the provisional administration, the Fund shall ensure the continuity and timeliness of guarantee payments under insurance contracts specified in subparagraph 1) of the first paragraph of paragraph 2 of this Article.

Upon occurrence of the case provided for in subparagraph 2) In the first part of paragraph 2 of this article, the creditor has the right to apply to another insurance company licensed in the life insurance industry with an application for concluding an annuity insurance contract as part of compulsory insurance of an employee against accidents in the performance of his labor (official) duties.

Payment of the insurance premium under the annuity insurance contracts specified in subparagraph 2) of the first paragraph of paragraph 2 of this Article is carried out by the Fund in accordance with the procedure and on the terms stipulated by the regulatory legal act of the authorized body.

Upon expiration of the annuity insurance contract concluded on the grounds provided for in subparagraph 2) In the first part of paragraph 2 of this article, a subsequent annuity insurance contract as a result of establishing or extending (re-certifying) the degree of professional disability of an employee is subject to conclusion with an insurance company that has accepted an insurance portfolio for the class of compulsory insurance of an employee against accidents in the performance of his labor (official) duties.

4. The Fund has no right to refuse to make the guarantee payment provided for in paragraph 2-2 of Article 7 of this Law.

5. The guarantee payment to creditors specified in subparagraph 1) of paragraph one of paragraph 2 of this Article shall be made directly by the Fund or through an agent bank in a non-cash form to the creditor's bank account or in cash by agreement of the parties.

6. From the date of the guarantee payment to the creditor of the insurance organization being liquidated, the Fund shall have the right to claim the creditor under the insurance contract in the amount of the guarantee payment made.

The transferred creditor's right of claim, as well as a claim for reimbursement of expenses related to the guarantee payment, are submitted by the Fund to the liquidation commission of the insurance organization being forcibly liquidated or the participating insurance organization in the event that a court decides to reverse the decision of the authorized body to revoke the license of this participating insurance organization in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan.

7. Within two working days from the date of receipt of a copy of the decision of the authorized body to revoke the license of an insurance (reinsurance) organization, the Fund shall publish in Kazakh and Russian languages in two periodicals distributed throughout the Republic of Kazakhstan, Kazakh Internet information resources and on the Fund's Internet resource an announcement on the date of guarantee payments to creditors..

The Law of the Republic of Kazakhstan dated June 3, 2003 No. 423.

This Law defines the legal status, the procedure for the establishment and operation of the Insurance Benefit Guarantee Fund, as well as the conditions for the participation of insurance organizations, branches of insurance organizations that are non-residents of the Republic of Kazakhstan in the Insurance Benefit Guarantee Fund and the principles of ensuring control over its activities.

President

Republic of Kazakhstan

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