Article 18. General Meeting of the Company's Members The Law on Mutual Insurance

Home / RLA / Article 18. General Meeting of the Company's Members The Law on Mutual Insurance

1. The exclusive competence of the General Meeting of the company's members includes:

1) determining the terms of insurance contracts concluded by the company with its members;

2) approval of the company's budget;

3) making a decision on conducting an audit of the company and selecting an audit organization;

4) determination of the procedure for the consideration of disputes between the company and its members;

5) approval of the rules of mutual insurance;

6) determination of the procedure for calculating insurance tariffs;

7) determining the procedure for the formation and replenishment of insurance and other reserves of the company necessary to ensure the company's activities, their use;

8) approval of the company's investment policy;

9) approval of the policy of transferring insurance risks for their reinsurance and setting limits on own retention for each type of insurance;

10) making a decision on granting loans to members of the company within the limits of the redemption amount stipulated by the relevant cumulative insurance contract;

11) making a decision on granting loans to members of the company for the payment of insurance premiums;

12) making a decision on the allocation of money for measures to prevent the risks of an insured event on the basis of an opinion submitted by the executive body of the company;

13) determining the working procedure of the internal audit service, the amount and conditions of remuneration for employees of the internal audit service;

14) making a decision on the admission of new members to the company;

15) other issues stipulated by other legislative acts of the Republic of Kazakhstan, as well as the articles of association of the company.

2. The General Meeting of the company's members has the right to consider any issue related to the company's activities.

3. The procedure for convening, holding, and deciding on a general meeting of the company's members (including an extraordinary one) is determined by the legislation of the Republic of Kazakhstan on consumer cooperatives.

4. When making a decision at the general meeting, each member of the company has one vote, regardless of the amount of his share in the company's assets.

The Law of the Republic of Kazakhstan dated July 5, 2006 No. 163.

This Law regulates public relations related to the implementation of mutual insurance and establishes the legal basis for the activities of mutual insurance companies.

President

Republic of Kazakhstan

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