Article 37-1. Transfer of the insurance portfolio in case of exclusion from the license of certain classes of insurance and (or) type of activity, change in the insurance industry of the insurance (reinsurance) organization, voluntary return of the license to carry out insurance (reinsurance) activities and (or) voluntary liquidation of the insurance (reinsurance) organization, and (or) voluntary reorganization of the insurance (reinsurance) organization in a legal entity that does not carry out insurance (reinsurance) activities under the Insurance Law
1. If certain classes of insurance and (or) type of activity are excluded from the license, the insurance (reinsurance) organization's insurance industry is changed, the license for insurance (reinsurance) activity is voluntarily returned and (or) the insurance (reinsurance) organization is voluntarily liquidated and (or) the insurance (reinsurance) organization is voluntarily reorganized into a legal entity, an insurance (reinsurance) organization engaged in insurance (reinsurance) activities is obliged to:
1) according to the classes (types) of insurance for which a guarantee is provided in accordance with the Law of the Republic of Kazakhstan "On the Insurance Benefit Guarantee Fund", transfer the insurance portfolio to another (other) insurance (reinsurance) (insurance (reinsurance) organization(s) with mandatory notification to policyholders (reinsurers) about the insurance (reinsurance) (insurance (reinsurance) organization(s) that accepted (accepted) insurance portfolio;
2) for other classes (types) of insurance, if the policyholder (reinsurer) agrees to choose a new insurance (reinsurance) organization, transfer the insurance portfolio to another (other) insurance (reinsurance) (insurance (reinsurance) organization(s) or, if the policyholder (reinsurer) receives a written objection to transfer the insurance portfolio to terminate the insurance contract with the policyholder (reinsurer) within ten calendar days from the date of publication of the announcement in accordance with the requirement of paragraph 4 of this Article. (reinsurance).
2. In case of voluntary return of the reinsurance license (in case of voluntary liquidation and (or) voluntary reorganization of the reinsurance organization into a legal entity that does not carry out reinsurance activities) An insurance (reinsurance) organization is obliged to transfer the insurance portfolio to another (other) insurance (reinsurance) (reinsurance) organization (organizations) licensed for reinsurance, only with the consent of the reinsurer (assignor) for such transfer, with mandatory notification of the reinsurer (assignor).
3. An insurance (reinsurance) organization accepting an insurance portfolio must comply with all prudential standards and other mandatory norms and limits at the time of its adoption, as well as taking into account the newly accepted insurance portfolio.
4. In order to notify policyholders (insured, beneficiaries, reinsurers), the insurance (reinsurance) organization publishes in Kazakh and Russian an announcement about the upcoming transfer of the insurance portfolio in two periodicals distributed throughout the Republic of Kazakhstan and on the Internet resource of the insurance (reinsurance) organization within five working days from the date of the decision. about the transfer of the insurance portfolio.
The announcement shall specify the procedure, the deadline for submitting objections, which is ten calendar days from the date of publication of this announcement, and the addresses where objections from policyholders (reinsurers) are accepted in case of their disagreement with the transfer of insurance (reinsurance) contracts by classes (types) of insurance specified in subparagraph 2) of paragraph 1 of this article.
The absence of a written objection from the policyholder (reinsurer) within ten calendar days from the date of publication of the announcement is considered as the consent of the policyholder (reinsurer) to transfer the insurance portfolio according to the insurance classes specified in subparagraph 2) of paragraph 1 of this Article.
5. The procedure for the transfer of the insurance portfolio is determined by a regulatory legal act of the authorized body.
6. The provisions of this article shall apply to a branch of a non–resident insurance (reinsurance) organization that is forcibly ceasing operations in the Republic of Kazakhstan, taking into account the specifics provided for in Article 72-1 of this Law.
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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