Issue of consent to acquisition of the status of insurance holding or large participant of the insurance (reinsurance) company

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Recipients
Legal entities
Individuals
Cost of the service

For individuals - 50 MCI

For legal entities - 50 MCI

Terms of the service delivery

within 3 months

Full name of service
Output of consent to acquisition of the status of insurance holding or large participant of the insurance (reinsurance) company

How to get online service (on the portal “electronic licensing” www.elicense.kz)

  1. Click the "Request online" button on this page, after that the portal of "electronic licensing" will be opened in a new window.
  2. Log in or register on the "electronic licensing" portal.
  3. In the service info sheet read the package of documents and click the "Order online service" button, or select the necessary subtype of activity and the "Further" button.
  4. After specifying the necessary data, fill out the application and sign with your EDS.
  5. You can track the status of the submitted application in the Personal Account in the section "My applications". You can find out about obtaining the permit in the section "My approved documents", about receiving a notification - in the section "My notifications".

How to get service in state body (necessary documents)

For physical persons

For legal entities - resident of RK

For legal entities - non-resident of RK

For receiving a consent for acquisition of insurance holding status of financial nonresident organization of RK submits

For receiving a simultaneous consent for acquisition of large participant, bank holding and (or) insurance holding status of several financial organizations the physical person provides

For receiving a simultaneous consent for acquisition of large participant, bank holding and (or) insurance holding status of several financial organizations the service receiver who is a legal entity-resident of RK provides

For receiving a simultaneous consent for acquisition of large participant, bank holding and (or) insurance holding status of several financial organizations the service receiver who is a legal entity-non-resident of RK provides

For receiving a simultaneous consent for acquisition of large participant, bank holding and (or) insurance holding status of several financial organizations the service receiver who is a financial organization-non-resident of RK provides

For receiving a consent for acquisition of the insurance holding status are represented

 

The physical persons wishing to get the status of large participant of the insurance (reinsurance) company with an ownership ratio of 25% or more percent of placed (excluding preferred and shares redeemed by the insurance (reinsurance) companies) shares, and also the legal entities wishing to get the status of insurance holding in addition to the documents and data specified in Article 26 of the Law of RK "On Insurance Activity" the business plan is submitted, requirements to which are established for the next five years by National Bank of the Republic of Kazakhstan,.

REFERENCE:

The business plan not limited by the below mentioned contains the following information:

  • description of aim and tasks of the financial organization and types of provided services;
  • analysis of the financial organization activity
  • development strategy and scopes of the financial organization activity for the upcoming five financial (operational) years
  • detailed annual financial plan for the upcoming five financial (operational) years (calculation of the main financial indicators, budget, accounting balance, report on profits and losses, sources and capacity of the financial business plan)
  • risk management plan (description of risks related to execution of the financial organization activity, and their managements methods for the upcoming five financial (operational) years);
  • manpower engagement plan for the upcoming five financial (operational) years

Recapitalization plan of insurance (re-insurance) organization in cases of possible declension of a financial position of insurance (re-insurance) organization contains the following information:

  • assessment of current financial condition of the organization;
  • detailed description of measures on financial recovery of the financial organization (expenses increase measures, additional financial investing (indicating amount and investing sources) directed on capital recovery of the financial organization up to level when prudential regulations are performed and other norms and limits obligatory to observe, measures on additional income and other measures);
  • calendar terms of the measures on financial recovery of the financial organization;
  • estimated economic effect of the recovery measures (dynamic of prudential regulation changes, size changes of own capital of financial organization, change of financial and other indicators of organization).

Result of the service delivery

The letter on delivery of consent to acquisition of the status of insurance holding or the large participant of the insurance (reinsurance) company, or the motivated answer on refusal.