Article 22. Liquidation or reorganization of the Fund Chapter 7. Final and transitional provisions The Law on the Insurance Benefit Guarantee Fund
1. The liquidation or reorganization of the Fund is carried out in accordance with the legislation of the Republic of Kazakhstan, taking into account the specifics established by this Law.
2. The Fund may be liquidated in case of exclusion of the requirements for compulsory participation of insurance organizations in the Fund provided for by legislative acts of the Republic of Kazakhstan.
3. The funds of the insurance benefit guarantee reserve and the damage compensation reserve formed at the time of the Fund's liquidation are distributed among the insurance organizations participating in the Fund in proportion to their share in these reserves of the Fund.
4. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication). 5. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication). 6. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication). 7. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication). 8. Excluded by the Law of the Republic of Kazakhstan dated 04/27/2015 No. 311-V (effective ten calendar days after the date of its first official publication).
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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