Article 16-2. Requirements for the founders (participants, shareholders) of an insurance broker of the Insurance Law

Home / RLA / Article 16-2. Requirements for the founders (participants, shareholders) of an insurance broker of the Insurance Law

1. Participation of an insurance (reinsurance) organization or its employees, employees of a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan in the establishment or operation of an insurance broker, opening or operation of a branch of a non-resident insurance broker of the Republic of Kazakhstan is prohibited.

2. Founders and employees of an insurance broker, employees of a branch of a non–resident insurance broker of the Republic of Kazakhstan may not hold positions in an insurance (reinsurance) organization or carry out the activities of an insurance agent.

3. The founders (participants, shareholders) of an insurance broker may not be individuals and legal entities included in the list of organizations and persons associated with the financing of terrorism and extremism, and (or) in the list of organizations and persons associated with the financing of proliferation of weapons of mass destruction, in accordance with the procedure established by the Law of the Republic of Kazakhstan "On Combating Terrorism and Extremism". legalization (laundering) of proceeds from crime and financing of terrorism."

4. If a participant (shareholder) of an insurance broker specified in paragraph 3 of this article is included in the list of organizations and persons related to the financing of terrorism and extremism, and (or) in the list of organizations and persons related to the financing of the proliferation of weapons of mass destruction, the authorized body shall send to this participant (shareholder) a request for the alienation of a share his participation in the authorized capital (shares) of the insurance broker.

A participant (shareholder) of an insurance broker must fulfill the request within six months from the date of receipt of the request for the alienation of his share in the authorized capital (shares) of the insurance broker and notify the authorized body about it, accompanied by copies of supporting documents.

The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.

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