On the ratification of the Protocol on the Establishment of the Common Insurance Market of the Member States of the Eurasian Economic Community

Home / RLA / On the ratification of the Protocol on the Establishment of the Common Insurance Market of the Member States of the Eurasian Economic Community

Law of the Republic of Kazakhstan dated October 17, 2012 No. 40-V

To ratify Protocol on the Establishment of the Common Insurance Market of the member States of the Eurasian Economic Community, signed in Minsk on November 27, 2009.

President of the Republic of Kazakhstan N. NAZARBAYEV

PROTOCOL on the establishment of a common insurance market of the Member States Of the Eurasian Economic Community

The member States of the Eurasian Economic Community (hereinafter referred to as the EurAsEC), hereinafter referred to as the Parties, guided by The Agreement on the Establishment of the Eurasian Economic Community dated October 10, 2000, as a follow-up to the provisions provided for in the Agreement on Cooperation in the Field of Insurance within the Eurasian Economic Community dated April 27, 2003. (hereinafter referred to as the Agreement), recognizing the expediency of creating a common insurance market between the Parties to deepen mutually beneficial economic cooperation and development, based on the common interests of insurance supervision and regulation of insurance activities, considering it necessary to take measures to bring the legislation of the Parties regulating insurance activities in line with international standards, agreed as follows:

Article 1

The objectives of this Protocol are to create a common insurance market for the Parties, develop and adopt measures within the framework of the EurAsEC to protect the rights and interests of participants in the common insurance market.

Article 2

The concepts used in this Protocol mean the following: "common insurance market" is a part of the economic space limited by the territory of the Parties, where the legislation of the Parties guarantees the observance and protection of the rights and interests of all participants in the insurance markets of the Parties; "participants in the common insurance market" - insurance (reinsurance) organizations, insurance agents and brokers, actuaries, policyholders, as well as other persons determined in accordance with the legislation of the Parties. with the legislation of each of the Parties; "consumer of insurance services" - the policyholder, the insured, the beneficiary, whose insurance interest is the object of insurance protection.

Article 3

The Parties shall take coordinated measures to create a common insurance market. The Parties regulate the activities of insurance supervision and regulation bodies, introduce common approaches to the system of reinsurance of risks by insurance organizations of the Parties, and harmonize the legislation of the Parties regulating insurance activities. The creation of a common insurance market is carried out in stages, taking into account the prevailing macroeconomic conditions of each of the Parties. The list of priority tasks of each stage and the deadlines for their implementation are established by agreement of the Parties.

Article 4

In order to create a common insurance market, the Parties are implementing a set of tasks aimed at harmonizing the legislation of the Parties regulating insurance activities, forming a common insurance protection system for the rights and interests of participants in the common insurance market of the Parties, as well as developing common requirements for the state policy pursued by the Parties in the field of regulation of insurance markets and supervision of insurance activities. For these purposes, the Parties: 1) bring the provisions of the legislation of the Parties regulating insurance activities in line with the requirements of international standards and international insurance supervision practices; 2) coordinate their actions in accordance with the Agreement, including through joint actions to supervise the activities of subsidiary insurance (reinsurance) organizations established by insurance (reinsurance) companies located on the territory of one Party. organizations of the other Side; 3) establish: general principles of licensing insurance (reinsurance) organizations; general approaches to the implementation of compulsory civil liability insurance for vehicle owners; uniform requirements for the formation of the authorized capital of insurance (reinsurance) organizations; uniform requirements for the formation of insurance reserves; uniform requirements for the classification of types (classes) insurance; uniform requirements for the protection of the rights and interests of consumers of insurance services; common principles for determining the requirements for the solvency and financial stability of insurance (reinsurance) organizations; common requirements for the procedure for transferring risks to reinsurance to non-residents of the Parties.

Article 5

Exchange of information necessary for the implementation of the provisions of this The Protocol is carried out by the insurance supervision and regulation bodies of the insurance activities of the Parties.

Article 6

Coordination of work on the implementation of this Protocol is entrusted to the Council of Heads of Insurance Supervision and Regulation Bodies under the EurAsEC Integration Committee.

Article 7

This Protocol does not affect the rights and obligations of the Parties under other international treaties to which they are parties.

Article 8

Upon entry into force, this Protocol is open for accession by any member State of the EurAsEC. Documents of accession to this Agreement The Protocols are deposited with the depositary, which is the EurAsEC Integration Committee. In respect of the acceding States, this Protocol shall enter into force on the date of receipt by the depositary of the instrument of accession.

Article 9

This Protocol may be amended by mutual agreement of the Parties, which are formalized in separate protocols.

Article 10

Disputes and disagreements between the Parties regarding the interpretation or application of the provisions of this Protocol shall be resolved through consultations and negotiations between the Parties concerned, and in case of failure to reach agreement, they shall be referred by agreement of the Parties for consideration. Community courts.

Article 11

This Protocol shall enter into force on the date of deposit with the depositary of the last written notification on the completion by the Parties of the internal procedures necessary for its entry into force. Each Party may withdraw from this Protocol by sending a written notification to the depositary no later than 6 months before the date of the proposed withdrawal.

Done in Minsk on November 27, 2009, in one original copy in Russian. The original copy of this Protocol is kept in The EurAsEC Integration Committee, which will send a certified copy to each Party.

For For For the Republic of the Republic Kyrgyz Belarus Kazakhstan Republic For For The Russian Republic of the Federation Tadjikistan

RCPI's note!  The following is the text in English.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases