Article 9. Procedure for participation in the Fund and conditions for the acquisition of shares of the Fund by insurance organizations Chapter 4. Procedure for participation in the Fund of the Law on the Insurance Benefit Guarantee Fund

Home / RLA / Article 9. Procedure for participation in the Fund and conditions for the acquisition of shares of the Fund by insurance organizations Chapter 4. Procedure for participation in the Fund of the Law on the Insurance Benefit Guarantee Fund

Article 9. Procedure for participation in the Fund and conditions for the acquisition of shares of the Fund by insurance organizations Chapter 4. Procedure for participation in the Fund of the Law on the Insurance Benefit Guarantee Fund

1. The applicant is obliged to conclude a participation agreement in accordance with the procedure provided for by this Law in order to obtain a license for the right to carry out insurance activities for guaranteed types of insurance.

2. In order to conclude a participation agreement and purchase shares of the Fund, the applicant submits copies of the following documents to the Fund:

1) certificates of state registration (re-registration);

2) certificates of registration (for a branch of a non-resident insurance company of the Republic of Kazakhstan);

3) the articles of association at the same time as the original for verification or a notarized copy of the Articles of association;

4) regulations on the branch of a non-resident insurance organization of the Republic of Kazakhstan simultaneously with the original for verification or a notarized copy of the regulations on the branch of a non-resident insurance organization of the Republic of Kazakhstan.

3. In case of termination by the participating insurance organization of insurance activities for guaranteed types of insurance and termination of insurance contracts, the participating insurance organization is obliged to alienate its shares by selling them to the shareholders of the Fund. In case of shareholders' refusal to purchase shares of the Fund, the Fund is obliged to buy back shares at a price determined in accordance with the methodology for determining the value of shares.

4. The form, content and terms of the participation agreement must comply with the requirements of the Civil Code of the Republic of Kazakhstan and this Law.

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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