Article 20. Payment of guarantee compensation through agent banks of the Law on Mandatory Guarantee of Deposits placed in second-tier banks of the Republic of Kazakhstan

Home / RLA / Article 20. Payment of guarantee compensation through agent banks of the Law on Mandatory Guarantee of Deposits placed in second-tier banks of the Republic of Kazakhstan

The payment of the guarantee refund is made by the organization providing mandatory deposit insurance through agent banks selected from the preliminary list of agent banks for the payment of the guarantee refund.

Agent banks that meet the requirements of the organization providing mandatory deposit guarantee, as of the date of revocation of the participating bank's license to conduct all banking operations, are required to conclude an agreement with the organization providing mandatory deposit guarantee on the payment of a guarantee refund.

The terms and procedure for transferring to the agent bank the amount of the guarantee refund and expenses related to the implementation of procedures for the payment of the guarantee refund to depositors are determined by the agreement on the payment of the guarantee refund concluded with the organization providing mandatory deposit guarantee.

The Law of the Republic of Kazakhstan dated July 7, 2006 No. 169-III.

This Law is aimed at protecting the rights of depositors – individuals, including individual business entities, and defines the legal basis for the functioning of the mandatory deposit guarantee system placed in second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan), with the exception of interest-free demand deposits and investment deposits placed in Islamic banks (branches of non-resident Islamic banks of the Republic of Kazakhstan), the procedure for establishing and operating an organization that provides mandatory deposit insurance, the participation of second-tier banks of the Republic of Kazakhstan (branches of non-resident banks of the Republic of Kazakhstan) in the mandatory deposit guarantee system, as well as other issues of mutual relations between the participants of the system.

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