Article 15-28. Pre-trial dispute Resolution Procedure of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

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1. For the purposes of this chapter, a consumer of financial services is defined as:

1) for insurance services:

individuals and small business entities for all types of insurance;

legal entities – only according to the class (type) of compulsory insurance of civil liability of vehicle owners with the amount of claims not exceeding ten thousand times the monthly calculation index;

2) for other financial services – individuals, including those registered as an individual entrepreneur.

The provisions of this chapter applicable to a consumer of financial services shall apply to an insurance company when an insurance company submits a claim against another insurance company in the case provided for in the second part of paragraph 2 of this article.

2. The pre-trial dispute settlement procedure between a consumer of financial services and a subject of behavioral supervision is observed (applied) when a consumer of financial services applies to the financial ombudsman in the following cases:

1) if there are property claims of the consumer of financial services to the subject of behavioral supervision arising from the concluded agreement on the provision of a financial product;

2) if the bank or the person to whom the rights (claims) have been assigned under the bank loan agreement refuses to change the terms of the bank loan agreement or fails to reach a mutually acceptable solution to the request (application) of a consumer of financial services – an individual in accordance with Article 61 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan";

3) if a microfinance organization or a person to whom rights (claims) have been assigned under a micro–loan agreement refuses to change the terms of the micro-loan agreement or fails to reach a mutually acceptable solution to the request (application) of a consumer of financial services - an individual in accordance with Article 9-2 of the Law of the Republic of Kazakhstan "On Microfinance Activities";

4) if there are disputes between policyholders (insured, beneficiaries) and insurance organizations arising from insurance contracts;

5) if there are disputes between insurance companies arising on issues of compulsory and voluntary insurance;

6) if the insurance company refuses to conclude a compulsory insurance contract to an individual or legal entity, or changes the terms of the voluntary insurance contract (in cases where the contracts contain conditions that violate the rights of policyholders, insured, or beneficiaries).

3. The pre-trial dispute settlement procedure between a consumer of financial services and a subject of behavioral supervision provides for:

1) the appeal of the consumer of financial services to the subject of behavioral supervision in relation to a dispute or other situation related to a financial product;

2) the request of the consumer of financial services to the financial ombudsman for dispute resolution in situations related to the failure to receive a response from the subject of behavioral supervision to the request specified in subparagraph 1) of this paragraph, within the time limits established by the laws of the Republic of Kazakhstan, or in connection with the complete or partial dissatisfaction with the subject of behavioral supervision of such an appeal.

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

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Republic of Kazakhstan

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