Article 68. Refusal to issue a permit for the voluntary liquidation of the Insurance Law
1. A refusal to grant permission for the voluntary liquidation of an insurance (reinsurance) organization 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 liquidation;
2) failure to eliminate the comments of the authorized body on the submitted documents within the time limit set by it;
3) non-compliance of the submitted documents with the legislation of the Republic of Kazakhstan;
4) insufficient funds of the insurance (reinsurance) organization to settle its obligations;
5) the existence of obligations under insurance (reinsurance) contracts.
2. The authorized body shall notify the applicant in writing of the refusal to grant permission for his voluntary liquidation, indicating the grounds for refusal.
The Law of the Republic of Kazakhstan dated December 18, 2000 No. 126.
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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