Article 54-1. Transfer of the insurance portfolio in case of revocation of the license of an insurance (reinsurance) organization of the Insurance Law

Home / RLA / Article 54-1. Transfer of the insurance portfolio in case of revocation of the license of an insurance (reinsurance) organization of the Insurance Law

 1. In case of revocation of the license of an insurance (reinsurance) organization, the interim administration must transfer the insurance portfolio by insurance classes (types) for which a guarantee is provided in accordance with the Law of the Republic of Kazakhstan "On the Insurance Benefit Guarantee Fund" to another (other) insurance (Reinsurance) organization within thirty working days from the date of revocation of the license. (insurance (reinsurance) organizations).

At the request of the provisional administration, the period specified in the first part of this paragraph may be extended by the authorized body for the period specified in its decision.

In the event that none of the insurance (reinsurance) organizations operating in the life insurance industry does not meet the requirements established by the regulatory legal act of the authorized body, or none of the insurance (reinsurance) organizations operating in the life insurance industry has declared its intention to forcibly accept the insurance portfolio. of the insurance (reinsurance) organization in liquidation, the transfer of the insurance portfolio is carried out by the insurance (reinsurance) organization, carrying out activities in the life insurance industry, with the participation of the state. IZPI's note! The third part of paragraph 1 is provided to be deleted by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

2. The transfer of the insurance portfolio is carried out without the consent of the policyholder (reinsurer).

3. The transfer of the insurance portfolio is carried out at the expense of an organization that guarantees insurance payments to policyholders (insured, beneficiaries) in the event of liquidation of insurance organizations.

4. The interim administration sends for approval to the authorized body a decision on the selection of an insurance (reinsurance) organization (insurance (reinsurance) organizations) for the transfer of the insurance portfolio no later than the first business day following the day of making such a decision, and also notifies of the completion of the transfer of the insurance portfolio no later than the first business day following the day of completion of such transfer. transfers.

The authorized body shall review this decision of the interim administration within five working days from the date of its receipt.

The grounds for the refusal of the authorized body to approve the decision of the interim administration are the non-compliance of the insurance (reinsurance) organization accepting the insurance portfolio with the requirements established by the regulatory legal act of the authorized body, including non-compliance with prudential standards and other mandatory standards and limits at the time of its adoption, as well as taking into account the newly accepted insurance portfolio.

5. The Interim Administration publishes an announcement in Kazakh and Russian on the transfer of the insurance portfolio in two periodicals distributed throughout the Republic of Kazakhstan and on the Internet resource of the insurance (reinsurance) organization.

6. The procedure and specifics of the transfer of an insurance portfolio in the event of revocation of the license of an insurance (reinsurance) organization are determined by a regulatory legal act of the authorized body.

7. 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

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases