Article 18. Rights and Obligations of the Fund Chapter 6. Rights and obligations of participants in the Insurance Benefit Guarantee System of the Insurance Benefit Guarantee Fund Act

Home / RLA / Article 18. Rights and Obligations of the Fund Chapter 6. Rights and obligations of participants in the Insurance Benefit Guarantee System of the Insurance Benefit Guarantee Fund Act

1. The Foundation has the right to:

1) require payment of mandatory, extraordinary and additional contributions in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan;

2) apply to the authorized body for the inclusion of its representative in the liquidation commission and participate in the liquidation proceedings of the insurance company being forcibly liquidated in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan;

3) require the liquidation commission and the creditor to provide information and documents necessary for the implementation of the Fund's tasks;

4) request from the authorized body information on the financial condition of participating insurance organizations, the number of insurance contracts concluded by the participating insurance organization and other necessary information, with the exception of information constituting insurance secrecy and other secrets protected by the law of the Republic of Kazakhstan;

5) to refuse to make a guarantee payment to the creditor in cases stipulated by this Law, the insurance contract or legislative acts of the Republic of Kazakhstan.;

6) in the event of an event provided for in the second part of paragraph 3 of Article 15-1 of this Law, involve an independent actuary to verify the adequacy of the calculation of the insurance premium under the annuity insurance contract concluded between the lender and an insurance company licensed in the life insurance industry;

7) receive a commission fee in accordance with Article 8-1 of this Law;

8) request and receive information from (from) the participating insurance organization within the time and scope determined by the Fund's Board of Directors, including information on its obligations under guaranteed types (classes) of insurance that constitute insurance and other legally protected secrets;

9) request and receive from (from) the Ministry of Internal Affairs of the Republic of Kazakhstan and the Prosecutor General's Office of the Republic of Kazakhstan the information necessary to carry out their function provided for in subparagraph 4) paragraph 2 of Article 8 of this Law;

10) request and receive from (from) the organization for the formation and maintenance of the database the information necessary for carrying out its activities, in accordance with subparagraph 3-1) of paragraph 4 of Article 80 of the Law of the Republic of Kazakhstan "On Insurance Activities".

2. The Fund is obliged to:

1) conclude a participation agreement with an insurance company that, in accordance with the legislative acts of the Republic of Kazakhstan, is required to participate in the Fund;

1-1) keep records of insurance payment guarantee reserves separately by branches of "general insurance" and "life insurance";

1-2) keep records of the funds of the insurance benefit guarantee reserves and the damage compensation reserve separately from the Fund's own assets;

2) invest assets in financial instruments in accordance with the procedure established by the legislation of the Republic of Kazakhstan;

IZPI's note! Subparagraph 3) is provided for in the wording of the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

3) submit financial and other reports to the National Bank of the Republic of Kazakhstan in accordance with the regulatory legal acts of the National Bank of the Republic of Kazakhstan;

4) submit to participating insurance organizations, upon their request, their financial statements to the extent determined in accordance with the participation agreement;

5) publish annual financial statements annually, confirmed by the auditing organization;

6) to monitor the payment procedure by participating insurance organizations of mandatory, emergency and additional contributions, as well as their formation of contingent liabilities;

7) to make guarantee payments to creditors for the obligations of the insurance organization being forcibly liquidated in accordance with the procedure provided for by this Law and regulatory legal acts of the authorized body;

8) conduct an audit;

9) notify the authorized body of the facts that have become known to it of violations by insurance organizations of the legislation of the Republic of Kazakhstan on insurance and insurance activities;

10) notify the liquidation commission of the guarantee payment to the creditor;

11) excluded by the Law of the Republic of Kazakhstan dated 07/15/2010 No. 338-IV (for the procedure of entry into force, see art. 2);

12) use exclusively for official purposes all information about the activities of insurance organizations that has become known to him in the course of performing his functions;

13) reimburse the expenses of the participating insurance organizations in accordance with the procedure provided for in paragraph 5 of Article 15 of this Law.

2-1. The Fund records its operations in accordance with the legislation of the Republic of Kazakhstan on accounting and financial reporting.

2-2. In order to provide information about its activities to policyholders (insured persons, beneficiaries) and persons intending to conclude an insurance contract, the Fund is obliged to post the following information on its Internet resource:

1) full name, address (location), phone numbers, working hours, including its branches and representative offices;

2) information about shareholders;

3) information about senior staff;

4) information about the state registration number and business identification number;

5) information about the types of activities carried out;

6) annual financial statements, confirmed by an audit organization, for the three previous reporting years;

7) reports on the results of activities for the three previous reporting years;

8) information on participation in associations (unions), including associations of insurance (reinsurance) organizations and insurance brokers (if any);

9) information about participating insurance companies.

3. The Fund has other rights and bears other obligations stipulated by the laws of the Republic of Kazakhstan and the participation agreement.

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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