Article 20. Internal Audit Service of the Company The Law on Mutual Insurance

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1. To control the financial and economic activities of the company, an internal audit service is formed, which consists of the number of members of the company, unless otherwise provided by the articles of association of the company.

2. The working procedure of the internal audit service of the company is determined by the charter and internal documents of the company.

3. A member of the company's executive body may not be a member of the Internal audit service.

4. The Internal Audit Service conducts audits of the company's financial and economic activities, and provides the general meeting of the company's members with an opinion on the company's annual financial report and balance sheet. The General Meeting of the company's members is not entitled to approve the company's annual financial statements and balance sheets in the absence of an opinion from the company's internal audit service.

5. The members of the Internal Audit Service, including its chairman, are elected by the general meeting of the company's members for the term determined by the company's charter. Members of the internal Audit service are not entitled to transfer their powers to other persons.

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

6. Members of the Internal Audit service have the right to receive any information about the company's activities.

Members of the Internal Audit Service attend meetings of the company's Management Board.

7. The Internal Audit Service independently convenes the general meeting of the company's members.:

1) if the activities of the executive body do not ensure the achievement of the goals and objectives of the company;

2) if the executive body of the company has not fulfilled the requirements of one tenth of the total number of members of the company to convene a general meeting within fourteen days from the date of such request.

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.

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Republic of Kazakhstan

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