OREANDA-NEWS. On June 15, 2009 the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (АФН) released a statement at http://www.afn.kz, reported the press-centre of KASE:

According to sub-item 16) of article 43, sub-item 2) of item 2 of article 53-3 and sub-items 1), 2) and 2-1) of item 1 of article 54 of the Law of the Republic of Kazakhstan "On Insurance Activity", of sub-item 4) of item 18 of the Regulations of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (hereafter – the Agency), approved by Decree No. 1270 of the Kazakhstan President dated December 31, 2003, for incompliance with requirements of restricted actions, applied by the Agency, incompliance with prudential norms, set by the Kazakhstan legislation, disclosure of violation of legislative acts of the Republic of Kazakhstan, regulating mandatory types of insurance, which resulted in untimely  insurance payment, noncompliance or unduly compliance of duties, effluent from terms and order of mandatory insurance, resolution No. 127 of the Board of the Agency dated June 13, 2009 suspended for one month licenses for insurance activity on voluntary general insurance, mandatory insurance and for reinsurance issued to Insurance Company Altyn Polis, licenses'  series OS, DOS No. 19-6/1 dated 31.05.2006 and series PD No. 19-1/1 dated 14.08.2006.

In accordance with item 2 of article 54 of the Law of the Republic of Kazakhstan "In Insurance Activity" suspension of license of insurance (reinsurance) organization entails ban for conclusion of new agreements for insurance (reinsurance), extension of current insurance (reinsurance) agreements, and insurance agency service. Regarding the earlier concluded insurance (reinsurance) agreements the insurance (reinsurance) organization must fulfill the obligations assumed.