Article 228. Violation of the requirements established by the legislation on insurance and insurance activities of the Code of Administrative Offences
1. Repeated (two or more times within twelve consecutive calendar months) violations by an insurance (reinsurance) organization, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, and the parent organization of an insurance group of the same prudential standards and (or) other mandatory standards and limits established by the authorized regulatory and control body and supervision of the financial market and financial organizations, –
entails a fine on legal entities, branches of a non–resident insurance organization of the Republic of Kazakhstan in the amount of three hundred monthly calculation indices.
2. Untimely notification by an insurance company, a branch of a non–resident insurance company of the Republic of Kazakhstan, an insurance broker, a branch of an insurance broker who is a non–resident of the Republic of Kazakhstan to policyholders about a change in the location of their permanent body, a separate subdivision, or a change in the name –
entails a fine in the amount of fifty monthly calculation indices.
3. Violation by an insurance (reinsurance) organization, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, an insurance broker, a branch of a non–resident insurance broker of the Republic of Kazakhstan of the deadlines for recording and storing documents related to their activities, –
entails a fine in the amount of fifty monthly calculation indices.
4. Preparation of reports by an insurance (reinsurance) organization or a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan, which led to a distortion of information on compliance with prudential standards and (or) other mandatory standards and limits established by the authorized body for regulation, control and supervision of the financial market and financial organizations, –
entails a fine on legal entities, branches of insurance (reinsurance) organizations that are non–residents of the Republic of Kazakhstan in the amount of two hundred monthly calculation indices.
5. Non–payment, late payment, or payment of mandatory or emergency contributions, as well as initial one-time and additional contributions in incomplete amounts by insurance organizations, a branch of a non-resident insurance organization of the Republic of Kazakhstan to the Insurance Benefit Guarantee Fund –
entail a fine in the amount of two hundred and fifty monthly calculation indices.
6. Non–publication, untimely publication by an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization that is a non–resident of the Republic of Kazakhstan, an insurance broker, a branch of an insurance broker that is a non-resident of the Republic of Kazakhstan of financial statements, accounting statements and other information in the mass media –
they entail a fine in the amount of fifty monthly calculation indices.
7. Failure by an insurance organization or a branch of a non–resident insurance organization of the Republic of Kazakhstan to conclude agreements on the provision of information and receipt of insurance reports with an organization for the formation and maintenance of an insurance database and failure to register with this organization –
they entail a fine in the amount of one hundred monthly calculation indices.
Note. For the purposes of part four of this article, administrative liability occurs when, as a result of correcting distorted information, a violation of prudential standards and (or) other mandatory standards and limits established by the authorized body for regulation, control and supervision of the financial sector is revealed by an insurance (reinsurance) organization, a branch of a non–resident insurance (reinsurance) organization of the Republic of Kazakhstan. the market and financial organizations.
President
Republic of Kazakhstan
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