Article 63. Refusal to grant permission for the voluntary reorganization of the Insurance Law
1. The refusal to grant permission for the voluntary reorganization of an insurance (reinsurance) organization (insurance holding company) is made by the authorized body on the following grounds:
1) violation of the legitimate interests of policyholders and other creditors as a result of the proposed voluntary reorganization;
2) violation, as a result of the proposed reorganization, of the minimum conditions for ensuring financial stability, other mandatory standards and limits, and other requirements established by this Law and regulatory legal acts of the authorized body;
2-1) revocation of relevant decisions of the supreme bodies of reorganized insurance (reinsurance) organizations (insurance holdings);
2-2) violation of the requirements of the legislation of the Republic of Kazakhstan in the field of competition protection as a result of the proposed reorganization;
3) failure to eliminate the comments of the authorized body on the submitted documents within the time limit set by it;
4) non-compliance of the submitted documents with the legislation of the Republic of Kazakhstan.
2. The authorized body shall notify the applicant in writing of the refusal to grant permission for its voluntary reorganization, indicating the grounds for refusal.
The footnote. Article 63 as amended by the Laws of the Republic of Kazakhstan dated December 28, 2011 No. 524-IV (effective after ten calendar days after its first official publication); dated October 29, 2015 No. 376-V (effective from 01.01.2016); dated July 02, 2018 No. 166-vi (effective after ten calendar days after the date of its first official publication).
The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.
© 2012. RSE na PHB" Institute of Legislation and Legal Information of the Republic of Kazakhstan " Ministry of Justice of the Republic of Kazakhstan
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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