OREANDA-NEWS. December 09, 2009. The Kazakhstan Financial Regulation Agency (AFS) released at its website http://www.afn.kz a statement, reported the press-centre of KASE:

According to sub-item 16) of article 43, sub-item 3) of item 2 of article 53-3 and sub-items 1), 2-1) and 2) of item 1 of article 55 of the Kazakhstan Law "On Insurance Activity", of sub-item 4) of item 18 of the Regulations about the Kazakhstan Financial Regulation Agency approved with Decree of the Kazakhstan President dated December 31, 2003 No. 1270, through failure to cure in the agreed term of circumstances, which were grounds  of license suspension, recurrent (two and more times within twelve consecutive months) failure to comply with written prescription of the authorized agency on removal of violations of the Kazakhstan legislation on insurance and insurance activity and recurrent (two and more times within twelve consecutive months) violation of the Kazakhstan legislative acts regulating mandatory insurance, the Agency  issued a resolution on December 4, 2009 No. 249 to withdraw a general insurance license from Premier Strakhovanie No. 28-11/1 issued September 15, 2008. The resolution is effective December 4, 2009.

In accordance with items 2 and 3 of article 56 of the Kazakhstan Law "On Insurance Activity" the Agency shall appeal to the court requiring termination of operation (liquidation) of an insurer in the order set with the legislation.

The Agency appointed a temporary administration of the company authorized to manage bodies of the insurer till a liquidation commission is established.