Issuance of a permit for the establishment or acquisition of a subsidiary organization by an insurance (reinsurance) organization and (or) insurance holding, significant participation of an insurance (reinsurance) organization and (or) insurance holding in the capital of organizations

You can obtain a service via the Portal:

1. Click “Order Online” button, then a new window will open of e-Licensing Portal;

2. Sign in or log in on e-Licensing Portal;

3. Click “Order Service Online” button on e-Licensing Portal page;

4. Fill in the fields of request;

5. Sign a request with digital signature;

6. You can track status of request in “My applications” section of Personal Account, status on obtainment of license in “My licensing documents” section and status on obtainment of notification in “My notifications” section.

1) the non-compliance of the submitted documents with the requirements specified in Article 32 of the Law on Insurance Activities, or failure to eliminate the comments of the authority on the submitted documents within the time period established therein;

2) the non-compliance of legislation in the field of consolidated supervision of financial institutions of the country of location of the subsidiary being created or acquired with the requirements for consolidated supervision established by legislative acts of the Republic of Kazakhstan;

3) an executive of the subsidiary of the service recipient (or a candidate recommended for appointment or election to the position of an executive):

does not have an impeccable business reputation, the criteria for the absence of which are established by regulatory legal acts of the authorized body in accordance with paragraph 7 of Article 20 of the Law of the Republic of Kazakhstan "On Banks and Banking Activities in the Republic of Kazakhstan", paragraph 7 of Article 34 of the Law on Insurance Activities and paragraph 6 of Article 54 of the Law of the Republic of Kazakhstan "On the Securities Market"; whose consent to appointment (election) to the position of an executive employee was revoked and (or) who was suspended from performing official duties in a financial institution, banking, insurance holding company, branch of a non-resident bank of the Republic of Kazakhstan, branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan, branch of a non-resident insurance broker of the Republic of Kazakhstan.

This requirement shall apply during the last twelve consecutive months after the authorized body makes a decision to revoke consent to the appointment (election) to the position of an executive employee; who has committed a corruption crime or has been subject to an administrative penalty for committing a corruption offense within three years prior to the date of filing an application for his/her approval for a management position;

4) the non-compliance with prudential standards by an insurance group, which includes an insurance (reinsurance) organization and (or) an insurance holding company, as a result of the alleged existence of a subsidiary of the insurance (reinsurance) organization and (or) an insurance holding company;

5) analysis of financial consequences, suggesting deterioration of financial standing of insurance (reinsurance) organization, insurance holding or insurance group due to the activities of a subsidiary or investments planned by the insurance (reinsurance) organization and (or) insurance holding;

6) the non-compliance of risk management and internal control systems, including with respect to the risks associated with the activities of a subsidiary, with the requirements of authorized body for risk management and internal control systems;

7) the non- compliance of a subsidiary with established prudential standards in the cases stipulated by the legislation of the country where the subsidiary is located, as well as the non-compliance of the insurance (reinsurance) organization and (or) insurance holding to with prudential standards, including on a consolidated basis, and other mandatory standards and limits during the last three months preceding the date of filing an application with the authorized body for a permit and (or) during the period of application consideration;

8) the presence of effective supervisory response measures in the insurance (reinsurance) organization and (or) insurance holding and (or) subsidiary organization proposed for acquisition that is not an insurance (reinsurance) organization, an insurance broker, in terms of improving financial stability and solvency and (or) administrative penalties for administrative offenses provided for in Articles 227, 229, 230 and part four of Article 239 of the Code of the Republic of Kazakhstan on Administrative Offenses, on the date of filing an application and during the period of consideration of documents;

9) in the event of the creation or acquisition by an insurance (reinsurance) organization and (or) insurance holding of a subsidiary organization - an insurance (reinsurance) organization, a bank managing an investment portfolio - residents of the Republic of Kazakhstan – the non-compliance with the requirements stipulated by the Law, the legislation of the Republic of Kazakhstan on banks and banking activities and the securities market regarding the issuance of consent to obtain the status of an insurance or banking holding company, a major participant in an insurance (reinsurance) organization, a bank managing an investment portfolio - residents of the Republic of Kazakhstan;

10) the absence of consent of the service recipient, provided in accordance with Article 8 of the Law of the Republic of Kazakhstan "On personal data and their protection", to access sensitive personal data, which are required for the public service provision.

• appeal;
• initiative of an administrative body or official.

 General requirements for the appeal

The appeal submitted in hard copy or electronic form shall indicate:

• Full name, IIN, postal address of a natural person, BIN of a legal entity;
• name of administrative body, official to whom the appeal is submitted;
• the essence of an appeal;
• date of filing an appeal;
• signature of the applicant or his representative;
• other information provided for by legislation of the Republic of Kazakhstan.

If the administrative procedure is on a paid basis, the applicant must submit a document confirming the payment.

Source: Administrative Procedural Code of Republic of Kazakhstan,
The Law of the RK "On Public services"