Article 21. Founders and shareholders of an insurance (reinsurance) organization Chapter 6. Creation of an insurance (reinsurance) organization of the Insurance Law
1. The founders and shareholders of an insurance (reinsurance) organization may be individuals and legal entities - residents and non-residents of the Republic of Kazakhstan, subject to the requirements provided for by this Law and other regulatory legal acts of the authorized body.
2. The state may be the founder and shareholder of an insurance (reinsurance) organization only in the person of the Government of the Republic of Kazakhstan and the authorized body.
Organizations with more than fifty percent of the shares in the authorized capital or outstanding shares owned by the State, with the exception of the national management holding, may not act as founders and shareholders of an insurance (reinsurance) organization.
3. (deleted - No. 72 dated 8.07.2005)
4. Legal entities registered in offshore zones, the list of which is established by the authorized body, may not directly or indirectly own and (or) use and (or) dispose of voting shares of insurance (reinsurance) organizations resident in the Republic of Kazakhstan.
This restriction does not apply to insurance (reinsurance) organizations that are subsidiaries of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan and have the minimum required rating from one of the rating agencies.
The list of rating agencies and the minimum required rating are established by a regulatory legal act of the authorized body.
5. A shareholder participating in the general meeting of shareholders (with the exception of a shareholder who is a resident bank of the Republic of Kazakhstan) shall submit a statement indicating that its shareholders (participants) have fulfilled the requirements of paragraph one of paragraph 4 of this Article, if information about the country of registration of such shareholders (participants) is not available in the insurance company (reinsurance) organizations.
A shareholder who has not submitted the specified statement is not allowed to participate in the general meeting of shareholders.
If the unreliability of the information specified in the application is revealed, or a violation of the requirement specified in the first part of paragraph 4 of this Article is revealed.:
1) if the majority of the voting shares voted for the decision (excluding the voting shares of the shareholder who submitted the application), the decision of the general meeting of shareholders is considered adopted without taking into account the votes of this shareholder.;
2) if the vote of the shareholder who submitted the application was decisive, then this circumstance is the basis for invalidating the decision of the general meeting of shareholders at the request of the authorized body or other interested persons in accordance with the procedure established by the legislation of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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