Article 6-1. The Advisory Committee The Law on the Insurance Benefit Guarantee Fund

Home / RLA / Article 6-1. The Advisory Committee The Law on the Insurance Benefit Guarantee Fund

1. An advisory committee should be established in the Fund to consider the most important issues and prepare recommendations to the Board of Directors.

The main task of the advisory committee is to represent the interests of participating insurance organizations by preparing and issuing collective recommendations to the Board of Directors of the Fund on issues referred (submitted) to the advisory committee by the general meeting of shareholders of the Fund, the Board of Directors of the Fund, and committees of the Board of Directors of the Fund.

2. The Advisory Committee acts on the basis of its regulations approved by the Board of Directors of the Fund in coordination with the authorized body.

3. The regulations on the Advisory Committee should define:

1) the main task and competence of the advisory committee;

2) the procedure for determining the members of the advisory committee and their term of office;

3) functions, duties, rights and responsibilities of the members of the advisory committee;

4) the working procedure of the advisory committee, including the procedure for convening and holding meetings of the advisory committee, absentee voting of members of the advisory committee;

5) the procedure for determining the Secretary of the advisory committee and his functions;

6) other provisions that do not contradict this Law.

4. Decisions of the advisory committee are made in writing and are advisory in nature.

The Advisory Committee has the right to make decisions with any number of its members participating in a meeting of the committee or absentee voting of its members.

5. The advisory Committee consists of:

1) one representative from each participating insurance company, with the exception of the participating insurance company, which has suspended or terminated all previously issued licenses for the right to carry out insurance and reinsurance activities.;

2) an employee of the Fund, designated by the Board of Directors of the Fund.

The Chairman of the advisory committee meeting is elected at each meeting of the advisory committee by a majority vote of its members participating in the meeting.

6. Each member of the Advisory Committee has one vote. If the votes are equal, the vote of none of the members of the advisory committee, including the chairman of the meeting of the advisory Committee, is decisive.

7. Remuneration to members of the advisory committee for participation in its work is not accrued or paid.

8. The recommendation of the advisory committee is considered accepted if at least half of the total number of members of the advisory committee participating in the meeting of the advisory committee or absentee voting of its members voted for its adoption.

9. Representatives of the authorized body may attend meetings of the advisory committee without the right to participate in voting.

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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