Resolution of the Management Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Organizations dated June 25, 2010 No. 62#

Official source: Adilet / https://adilet.zan.kz/rus/docs/V100006287_
Edition validity verified: 2026-10-06.

Metadata#

Note of the Republican Centre for Legal Information!
For the procedure for entry into force of the resolution, see paragraph 3.
Footnote. Title as amended by Resolution of the Management Board of the Agency of the RK on Regulation and Supervision of Financial Market and Financial Organizations dated 03.09.2010 No. 138 (enters into force upon expiration of ten calendar days after the day of its first official publication).

In order to implement the Law of the Republic of Kazakhstan dated June 3, 2003 "On the Insurance Payments Guarantee Fund", the Management Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Organizations (hereinafter – the Agency) HEREBY RESOLVES:

1. To approve the attached Rules for the Implementation of Guarantee Payments by the Joint-Stock Company "Insurance Payments Guarantee Fund".

Footnote. Paragraph 1 as amended by Resolution of the Management Board of the Agency of the RK on Regulation and Supervision of Financial Market and Financial Organizations dated 03.09.2010 No. 138 (enters into force upon expiration of ten calendar days after the day of its first official publication).

2. To recognize as invalid the regulatory legal acts in accordance with the appendix to this resolution.

3. This resolution shall enter into force upon expiration of ten calendar days after the day of its first official publication.

Chairman E. Bakhmutova

Appendix. List of Regulatory Legal Acts Recognized as Invalid#

1. Resolution of the Management Board of the National Bank of the Republic of Kazakhstan dated August 4, 2003 No. 272 "On Approval of the Rules for the Execution of Guarantee Payments by the Insurance Payments Guarantee Fund" (registered in the Register of State Registration of Regulatory Legal Acts under No. 2486).
2. Resolution of the Management Board of the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Organizations dated October 25, 2004 No. 306 "On Amendments and Additions to the Resolution of the Management Board of the National Bank of the Republic of Kazakhstan dated August 4, 2003 No. 272" (registered in the Register under No. 3258).

Rules for the Implementation of Guarantee Payments by the Joint-Stock Company "Insurance Payments Guarantee Fund"#

Chapter 1. General Provisions#

1. These Rules for the Implementation of Guarantee Payments by the Joint-Stock Company "Insurance Payments Guarantee Fund" (hereinafter – the Rules) are developed in accordance with the Law of the Republic of Kazakhstan dated June 3, 2003 "On the Insurance Payments Guarantee Fund" (hereinafter – the Law) and determine the procedure and conditions for the implementation of guarantee payments by the Joint-Stock Company "Insurance Payments Guarantee Fund" (hereinafter – the Fund) to creditors of insurance (reinsurance) organizations compulsorily liquidated in accordance with the established procedure.

2. The concepts used in these Rules are applied in the meanings defined by the Law and the Law of the Republic of Kazakhstan "On Insurance Activity".

3. The Fund makes guarantee payments from the guarantee reserves formed in accordance with the requirements of the Law and the regulatory legal acts of the authorized body.

4. The right of a creditor to receive a guarantee payment arises from the date of entry into legal force of the court decision on compulsory liquidation of the participating insurer, or in other cases stipulated by the Law.

5. Guarantee payments are carried out directly by the Fund or through an agent bank selected on a competitive basis under an agency agreement concluded with the Fund.

6. Informing creditors about the commencement, procedure, deadlines, and places of reception of applications and documents for receiving guarantee payments is carried out by the Fund through publication of an announcement in periodic print publications distributed throughout the territory of the Republic of Kazakhstan and on the official website of the Fund.

7. The announcement of the Fund shall contain information on:

1. the full corporate name and location of the compulsorily liquidated insurance organization;
2. the types of insurance under which guarantee payments are made;
3. the list of documents required for submission by creditors;
4. the places, procedure, and deadlines for submitting applications for guarantee payments;
5. the selected agent bank (banks) through which payments will be executed.

8. Calculation of guarantee payments is made on the basis of insurance contracts concluded by the liquidated insurer, insured event documentation, and court decisions or other supporting documents determining the amount of liability.

9. In cases where the creditor has already received partial compensation from the liquidated insurance organization or third parties, the guarantee payment is made within the unpaid balance of the insured sum (guarantee limit).

10. All payments are executed in the national currency of the Republic of Kazakhstan — tenge (KZT).

Chapter 2. Execution by the Fund of Guarantee Payments on Compulsory Classes of Insurance and Life Insurance Contracts#

11. In the classes of compulsory insurance, guarantee payments are made to creditors in amounts determined by the respective legislative acts of the Republic of Kazakhstan governing compulsory insurance, but not exceeding the maximum amounts of guarantee liabilities established by the Law.

12. To receive a guarantee payment, a creditor (or their authorized representative) submits to the Fund or the agent bank an application in the established form accompanied by the following documents:

1. a copy of the identity document of the applicant (for individuals) or certificate of state registration/re-registration (for legal entities);
2. a copy of the insurance contract (policy), if available;
3. documents confirming the occurrence of the insured event and the size of harm caused (protocols, medical examination certificates, property appraisal reports, accounting acts);
4. a copy of the court decision or judgment that has entered into legal force, or notarized agreement on settlement of harm, where applicable;
5. bank account details of the creditor for transferring funds;
6. power of attorney, if the application is submitted by a representative.

13. The Fund (or agent bank) registers the accepted application in the journal of accounting of creditors' applications and issues the applicant a receipt confirming the acceptance of documents indicating the date and time of receipt.

14. Consideration of the submitted documents and adoption of a decision on making or refusing to make a guarantee payment is carried out by the Fund within thirty working days from the date of receipt of the complete package of documents.

15. A refusal to make a guarantee payment shall be motivated in writing and communicated to the applicant within five working days after the decision is taken, indicating the grounds for refusal.

16. The grounds for refusal of a guarantee payment are:

1. failure to provide documents confirming the right to receive a payment;
2. presence of intentionally false information or forged documents submitted by the applicant;
3. complete satisfaction of the creditor's claims by the insurer, tortfeasor, or other persons before the decision on payment;
4. expiration of the statute of limitations established by the legislation of the Republic of Kazakhstan;
5. non-compliance of the declared event with the criteria of an insured event established by law or contract.

17. In the case of approval of the payment, the Fund issues an order to transfer the funds to the creditor's designated bank account or directs an instruction to the agent bank within five working days.

18. For contracts of life insurance concluded within the framework of the state educational savings system, guarantee payments cover the accumulation of educational capital within the limits established by the Law.

19. The liquidation commission of the insurance organization is obliged to transfer to the Fund all documentation, databases, and actuarial calculations necessary for determining the scope and amount of guarantee obligations within the deadlines established by the Law.

20. After making the guarantee payment, the Fund acquires the right of subrogation (recourse) against the compulsorily liquidated insurer within the scope of the paid sums, joining the creditors' register in the priority order established by the civil legislation of the Republic of Kazakhstan.

Chapter 3. Final Provisions#

21. Control over the compliance of the Fund and agent banks with the procedure for making guarantee payments is exercised by the authorized body.

22. Decisions, actions, or omissions of the Fund and agent banks related to the execution of guarantee payments may be appealed by creditors to the authorized body or in court in accordance with the legislation of the Republic of Kazakhstan.

23. The Fund submits quarterly and annual reports on guarantee payments made, remaining reserves, and claims satisfied to the authorized body and publishes summary performance metrics on its official website.