AFS temporally banned Halyk Insurance Company NASCO-KAZAKHSTAN JSC and Insurance Company Atlanta-Polis JSC to engage in insurance

/IRBIS, October 7, 08/ - Agency of Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) released on its website announcements on temporally suspension of license for insurance activities, granted to Halyk Insurance Company NASCO- KAZAKHSTAN JSC and Insurance Company Atlanta-Polis JSC. Quotation start On temporally suspension of license for insurance activities, granted to Halyk Insurance Company NASCO-KAZAKHSTAN JSC. By Regulation # 151, dated October 2, 2008 of the Board of Agency of Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations HIC NASCO-KAZAKHSTAN JSC was suspended for six months the license # 30-3/1, dated February 21, 2008 on the right to insurance activities based on subparagraph 16) item 43, subparagraph 2) point 2 of item 53-3 and subparagraphs 1), 2), 5), 7) of point 1 item 54 of the Law of Republic of Kazakhstan "On insurance activity", for non-observance of restricted influence requirements, applied by authorized body, non-compliance with prudential regulations, established by the Legislation of Republic of Kazakhstan, violation of reconciliation of insurance (reinsurance) organization leading employees and violation of the Legislation, connected with bad condition of financial insurance (reinsurance) transactions in business accounting and other bound record form maintenance. On temporally suspension of license for insurance activities, granted to Insurance Company Atlanta-Polis JSC By Regulation # 152, dated October 2, 2008 of the Board of Agency of Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations IC Atlanta-Polis JSC was suspended for three months the license # 8-7/1, of RA and VRA series, dated April 3, 2007 on the right to insurance activities and PD # 8-1/1, dated April 3, 2007 on the right to reinsurance activity based on subparagraph 1) point 1 item 54 of the Law on non-observance of restricted influence requirements, applied by authorized body, subparagraph 2-1) point 1 item 54 of the Law on violation of legislative acts of Republic of Kazakhstan, regulating compulsory insurance, expressed in baseless rejection in insurance payment, non-observance or bad observance of liabilities, ensuing form conditions and procedure of compulsory insurance and subparagraph 7) point 1 item 54 of the Law on violation of reconciliation of insurance (reinsurance) organization leading employees and violation of the Legislation, connected with bad condition of financial insurance (reinsurance) transactions in business accounting and other bound record form maintenance. In compliance with point 2 of item 54 of the Law of Republic of Kazakhstan "On insurance activity" temporally suspension of license of insurance (reinsurance) organizations entails ban on new insurance (reinsurance) contracts, including prolongation of the current insurance (reinsurance) contracts. Insurance (reinsurance) organization should take all assumed liabilities on earlier concluded insurance (reinsurance) contracts. Quotation end [2008-10-07]