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Home / RLA / Article 11. Features of State Regulation, Control and Supervision of Insurance Activities of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

Article 11. Features of State Regulation, Control and Supervision of Insurance Activities of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

АMANAT партиясы және Заң және Құқық адвокаттық кеңсесінің серіктестігі аясында елге тегін заң көмегі көрсетілді

Article 11. Features of State Regulation, Control and Supervision of Insurance Activities of the Law on State Regulation, Control and Supervision of the Financial Market and Financial Organizations

     In order to implement state regulation, control and supervision of insurance activities, the authorized body:

     1) determines the procedure for issuing and refusing to issue consent for individuals and legal entities to acquire the status of a major participant in an insurance (reinsurance) organization and an insurance holding company, permits for the creation and acquisition of an insurance (reinsurance) organization and an insurance holding company subsidiary, as well as permits for insurance (reinsurance) organizations and insurance holdings to acquire significant participation in the capital of legal entities, issues the specified consent and permission or refuses to issue them;

     2) establishes requirements for the formation of insurance reserves by insurance (reinsurance) organizations, branches of insurance (reinsurance) organizations that are non-residents of the Republic of Kazakhstan, the methodology for calculating insurance reserves and their structure;

     3) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective ten calendar days after the date of its first official publication);

     4) determines the procedure for the placement and investment of assets by insurance (reinsurance) organizations;

     5) establishes requirements for the content and procedure for registration of insurance policies;

     6) determines the procedure and conditions for increasing the amount of regular insurance payments during the term of the annuity agreements based on the actuarial conclusion and the requirements for its content;

     7) determines the procedure and conditions for issuing loans to its policyholders by an insurance organization engaged in accumulative insurance activities;

     8) determines the procedure for accounting by an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization that is a non-resident of the Republic of Kazakhstan for insurance and reinsurance contracts, including those executed by an insurance (reinsurance) organization, a branch of an insurance (reinsurance) organization that is a non-resident of the Republic of Kazakhstan in violation of the deadlines established (by contracts or legislation of the Republic of Kazakhstan);

     9) excluded by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective ten calendar days after the date of its first official publication);

     10) adopt, in cases established by the laws of the Republic of Kazakhstan, a decision to revoke the license for the right to carry out insurance (reinsurance) activities and appoint a temporary administration (temporary administrator) of an insurance (reinsurance) organization, a liquidation commission forcibly terminating the activities of a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan.;

     10-1) decides, in cases established by the laws of the Republic of Kazakhstan, to complete the procedure for voluntary or compulsory termination of the activities of a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan.;

     11) determines the procedure for the compulsory collective guarantee of insurance payments by types of compulsory insurance;

     12) performs other functions in accordance with the legislation of the Republic of Kazakhstan.

 

The Law of the Republic of Kazakhstan dated July 4, 2003 No. 474-II.

     This Law regulates public relations related to the implementation of state regulation, control and supervision of the financial market and financial organizations, and is aimed at increasing the stability of the financial system of the Republic of Kazakhstan and creating conditions to prevent violations of the rights and legitimate interests of consumers of financial services.

President    

Republic of Kazakhstan     

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