Article 66. Committee of Creditors of Insurance (Reinsurance) Organizations being Forcibly Liquidated by the Law on Insurance Activities

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The footnote. Title of Article 66 as amended by the Law of the Republic of Kazakhstan dated 07/12/2022 No. 138-VII (effective sixty calendar days after the date of its first official publication).

1. In order to ensure the interests of creditors and make decisions with their participation in the procedure of compulsory liquidation of insurance (reinsurance) organizations, a creditors' committee is established.

The composition of the creditors' committee of the insurance (reinsurance) organization being liquidated is approved by the authorized body on the recommendation of the liquidation commission of the insurance (reinsurance) organization.

2. The specifics of the formation and activity of the creditors' committee are established by the regulatory legal acts of the authorized body.

The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.

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