Article 19. The Executive Body The Law on Mutual Insurance

Home / RLA / Article 19. The Executive Body The Law on Mutual Insurance

1. The competence of the company's executive body includes:

1) formation of proposals on priority areas of the company's activities;

2) development of the company's investment policy;

3) development of a policy for the transfer of insurance risks for their reinsurance and limits of own retention for each type of insurance;

4) preparation of the annual financial report and the draft budget of the company for the next year;

5) approval of the company's reports, with the exception of reports, the approval of which falls within the exclusive competence of the general meeting of the company's members;

6) other issues determined by other legislative acts of the Republic of Kazakhstan, as well as the charter of the company.

2. The Chairman of the company is elected and dismissed by the general meeting of the company's members.

The Chairman of the company may not be a member of the company.

3. The executive body of the company (the management board), including its head, is elected by the general meeting of the company's members in the number and for the term stipulated by its charter.

By a decision of the general meeting of the company's members, the powers of any member of the company's Management Board may be terminated prematurely.

4. The head of the executive body of the company ensures the functioning of this body and directs its meetings.

5. The Management Board of the company has the right to make decisions if more than half of its members are present at its meeting. Decisions are made by a simple majority of votes. In case of equality of votes, the vote of the Chairman of the Management Board is decisive.

6. The procedure for the activities of the company's executive body and its decision-making is determined by the company's charter and other documents adopted by the general meeting of the company's members.

The Law of the Republic of Kazakhstan dated July 5, 2006 No. 163.

This Law regulates public relations related to the implementation of mutual insurance and establishes the legal basis for the activities of mutual insurance companies.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases