Article 67. Features of the voluntary liquidation of an insurance (reinsurance) organization of the Insurance Law

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 1. After the general meeting of shareholders of an insurance (reinsurance) organization makes a decision on its voluntary liquidation, the insurance (reinsurance) organization is obliged to:

1) send a copy of such a decision to the authorized body within three working days from the date of drawing up and signing the minutes of the general meeting of shareholders of the insurance (reinsurance) organization.

The decision of the general meeting of shareholders of an insurance (reinsurance) organization on its voluntary liquidation entails a ban on the conclusion of new insurance (reinsurance) contracts, including the extension of existing insurance (reinsurance) contracts and their amendment, providing for an increase in insurance premiums, the amount of liability of the insurance (reinsurance) organization, from the date of notification of the authorized body in accordance with this subparagraph, which, in case of refusal by the authorized body to issue a permit for the voluntary liquidation of an insurance (reinsurance) organization, is valid until such refusal.;

2) transfer the insurance portfolio to another (other) an insurance (reinsurance) organization (insurance (reinsurance) organizations) that has a license (licenses) for the transferred classes (types) of insurance and is a participant (participants) in the insurance benefit guarantee system.

The procedure for issuing permits for the voluntary liquidation of insurance (reinsurance) organizations or for refusing to issue such permits, as well as the procedure for transferring the insurance portfolio, are determined by a regulatory legal act of the authorized body.

After the transfer of the insurance portfolio in accordance with the procedure provided for in Article 37-1 of this Law and the regulatory legal act of the authorized body, the insurance (reinsurance) organization is obliged to apply to the authorized body with a request for permission for its voluntary liquidation.

2. When the general meeting of shareholders of an insurance (reinsurance) organization decides to cancel the previously adopted decision of the general meeting of shareholders of an insurance (reinsurance) organization on its voluntary liquidation, the insurance (reinsurance) organization must submit a business plan to the authorized body within three calendar days from the date of drawing up and signing the minutes of the general meeting of shareholders of the insurance (reinsurance) organization. in accordance with subparagraph 2) paragraph 2 and paragraph 3 of Article 37 of this Law.

The business plan of an insurance (reinsurance) organization is reviewed by the authorized body within ten working days.

In this case, the prohibition specified in subparagraph 1) of the first part of paragraph 1 of this article is valid until the authorized body approves the business plan specified in the first part of this paragraph.

3. The application for a permit for the voluntary liquidation of an insurance (reinsurance) organization must be accompanied by documents, the list of which is established by regulatory legal acts of the authorized body.

4. An application for permission to conduct voluntary liquidation of an insurance (reinsurance) organization must be considered by the authorized body within two months from the date of receipt of all necessary documents.

5. After receiving permission for voluntary liquidation, the insurance (reinsurance) organization is obliged to return the license and (or) the appendix to the license to the authorized body within ten working days.

6. After obtaining the permission of the authorized body for the voluntary liquidation of an insurance (reinsurance) organization, liquidation is carried out by its shareholders (the sole shareholder) or persons authorized by them (them), in accordance with the procedure established by the Civil Code of the Republic of Kazakhstan.

IZPI's note! Article 67 is provided to be supplemented by paragraph 7 in accordance with 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).

7. After registration of the termination of the activity of an insurance (reinsurance) organization, the liquidation commission of the insurance (reinsurance) organization shall, within ten working days, notify the authorized body of the completion of the voluntary liquidation process.

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

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Republic of Kazakhstan

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