AFS about protection of interests of financial services consumers

/IRBIS, Natalya Kuznetsova, January 26, 07/ - Agency of the Republic of Kazakhstan fore regulation and supervision of the financial sector and financial organizations (AFS) spread press release about the state of the financial market and financial organizations dated January 1, 2007, in which information about protection of interests of financial services consumers is presented: quotation start In December 2006 107 appeals (complaints) of physical and legal entities, as well as other state organs, were received by the Agency. According to received appeals corresponding clarifications on 27 appeals are presented, 80 appeals are in the stage of consideration. Out of the total number of received appeals 63.55% letters touched upon questions of activity of second tier banks, 11.21% letters broached issues of activity of insurance organizations, 9.35% opened a subject of activity of subjects of the securities market, 2.81% - relative activity of accumulative pension funds, 8.41% letters have explanatory character and 4.67% - others. Below is given the information about appeals from the angle of second tier banks, insurance organizations, accumulative pension funds and organizations, which execute activity at the securities market, and their unit weight in the total volume of appeals: ------------------------------------------------------------------------- Unit weight in the corresponding # Number of sector of the financial п/п Name of a financial organization appeals market --- -------------------------------- --------- ----------------------- Banking activity 1 Valut-Transit-Bank JSC 33 48.53 2 Nauryz bank JSC 7 10.29 3 Alliance bank JSC 6 8.82 4 Bank TuranAlem JSC 3 4.41 ИТОГО: 68 63.55* --- -------------------------------- --------- ----------------------- Insurance activity 1 Kommesk Omir JSC 3 25.00 2 Premier insurance JSC 2 16.67 3 IC Kazakhinstrakh JSC 2 16.67 Other 5 41.67 ИТОГО: 12 11.21* Accumulative pension system 1 APF Neftegaz-Dem JSC 1 33.33 2 APF Valut-Transit-Fund JSC 1 33.33 3 APF Korgau JSC 1 33.33 ИТОГО: 3 2.80* --- -------------------------------- --------- ----------------------- Securities market Joint-stock companies, including 1 Second tier banks 1 10.00 2 Other 9 90.00 TOTAL: 10 8.41* Clarifications 9 3.45* Other 5 4.67* Total 107 100.00 ------------------------------------------------------------------------- * - unit weight of a sector at the financial market Also in December a work on consideration of 140 appeals received before was completed. By the results of complaints consideration the Agency with the purpose of removal of violations of the legislation, which regulates activity of insurance organizations, sent two written instructions and two written warnings to two insurance organizations. In the course of systematic check of one insurance company braches of rights of financial services consumers were revealed with regard to untimely execution of insurance payment and calculation of insurance payment with violation of requirements, provided in part 2 of article 938 of the Civil Code of RK. Thereupon, the Agency considers an issue about calling of an insurance organization to administrative account according to part 2 of article 174 of the Civil Code of RK about administrative infringement of law. quotation end [2007-01-26]