About the suspension of the License for the right of implementation of insurance (reinsurance) activities of «Grain Insurance Company», JSC for six months

On the basis of subparagraphs 1) of paragraph 1 of article 53-5, subparagraph 2) of paragraph 1 of article 54 of the Law of the Republic of Kazakhstan "On insurance activity", subparagraph 5) of part two of paragraph 22 of the Regulations on Board of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, approved by the decree of the President of the Republic of Kazakhstan from November 11, 2019 No. 203, for failure to comply with prudential norms established by the legislation of the Republic of Kazakhstan, in accordance with the Resolution of Board of the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan dated August 24, 2020 № 77 (hereinafter – Decree No. 77) to the joint-stock company "Grain insurance company", JSC (hereinafter - "Grain insurance company", JSC) for a period of 6 (six) months suspension of License for insurance (reinsurance) activities in the sector "general insurance", dated 18 Feb 2020 No. 2.1.37 (hereinafter - License) issued by, by types of compulsory insurance and voluntary forms.

The «Grain Insurance Company», JSC prohibits the conclusion of new insurance (reinsurance) contracts, including the extension existing insurance (reinsurance) contracts and their amendment, providing for increase insurance premiums, the amount of liability of the insurance (reinsurance) organization, and to carry out insurance intermediation as an insurance agent by types of insurance in mandatory form.

On earlier concluded insurance contracts in mandatory and voluntary forms «Grain Insurance Company», JSC is obliged to fulfill its obligations.

The validity of the License types of insurance in mandatory and voluntary forms is considered to be suspended from the date of bringing the Resolution No. 77 to the attention of «Grain Insurance Company», JSC (from September 14, 2020).