Article 6-2. Activities of the Investment Committee. Requirements for members of the Investment Committee of the Insurance Benefit Guarantee Fund Act

Home / RLA / Article 6-2. Activities of the Investment Committee. Requirements for members of the Investment Committee of the Insurance Benefit Guarantee Fund Act

1. In order to invest the Fund's own assets, insurance benefit guarantee reserves, and damage compensation reserves, one or more investment committees should be established in the Fund.

2. With the exception of cases established by the laws of the Republic of Kazakhstan, investment decisions regarding the Fund's own assets, insurance benefit guarantee reserves and damage compensation reserves are made exclusively by the investment committee (investment committees), which (each of which) must include at least three persons.

Other bodies and (or) senior staff of the Fund are not entitled to make decisions referred by this Law to the competence of the Investment Committee (investment committees) of the Fund.

3. At least half of the members of the investment committee responsible for making investment decisions regarding the Fund's own assets must be senior employees of the Fund who have received the consent of the authorized body for their appointment (election) as senior employees.

At least half of the members of the investment committee responsible for making investment decisions regarding the funds of the insurance benefit guarantee reserves and (or) the funds of the damage compensation reserve must be senior employees of the Fund and (or) participating insurance organizations who have received the consent of the authorized body for their appointment (election) senior employees, respectively, of the Fund and (or) participating insurance organizations.

The Investment Committee (investment committees) of the Fund consists of a member of the Fund's executive body and the head of the Fund's risk management unit.

4. The members of the Investment Committee (investment committees) are elected by the Board of Directors of the Fund.

5. Meetings of the investment committee are held subject to the participation of at least half of the total number of members of the investment committee, but not less than three members of the investment committee.

Decisions of the investment committee are made by a majority vote of its members participating in the meeting and are made in writing.

6. Members of the investment committee (investment committees) may not delegate the performance of their functions to other persons in terms of making investment decisions.

7. Members of the Investment committee (investment committees) are required to inform the executive body of the Fund about the existence of circumstances due to which their interests and the interests of the Fund do not coincide.

Upon the occurrence of the circumstances specified in the first part of this paragraph, the members of the investment committee (investment committees) are not entitled to participate in the meeting of the investment committee (investment committees) and in any way influence the decisions taken.

8. Following the meetings of the investment committee, minutes are drawn up, which are signed by the chairman and all members of the investment committee who participated in its meeting, and contain justification for the decisions taken.

The members of the investment committee have the right to express their dissenting opinion, which is attached to the minutes of the meeting of the investment committee and is part of it.

9. Investment decisions made by the Investment Committee (investment Committees) are subject to execution by the executive body of the Fund in strict accordance with the decisions taken.

10. When the investment committee makes decisions on transactions at the expense of the Fund's own assets and (or) funds of the insurance benefit guarantee reserve and (or) funds of the damage compensation reserve involving misuse of these assets and (or) funds, violation of the requirements of the legislation of the Republic of Kazakhstan, the investment declaration, the authorized body has the right to dismiss the person(s), who voted (voted) for the adoption of such decisions, from fulfilling the duties of a member of the investment committee.

The notification of the authorized body on the removal of a person or persons from the duties of a member of the investment committee is brought to the attention of the executive body of the Fund, which, no later than the day following the day of receipt of such notification, is obliged to bring it to the attention of the persons removed by the authorized body from the duties of a member of the investment committee.

11. From the moment the notification of the authorized body about the removal of a person or persons from the duties of a member of the investment committee is brought to the attention of the executive body of the Fund, this person or persons is not entitled to participate in the work of the investment committee and cannot be elected to its composition within three years after the decision of the authorized body on such removal.

12. The procedure for the formation and operation of the investment committee, its main tasks and competence are established by an internal document of the Fund, approved by the Board of Directors of the Fund in coordination with the authorized body.

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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