Rules for obligatory collective guaranteeing (insuring) of physical persons deposits in second-tier banks of the Republic of Kazakhstan (approved by a resolution № 340 of the Board of the National Bank of the Republic of Kazakhstan dated November 5, 1999)

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RULES
FOR OBLIGATORY COLLECTIVE
GUARANTEEING (INSURING) OF PHYSICAL PERSONS
DEPOSITS IN SECOND-TIER BANKS OF
THE REPUBLIC OF KAZAKHSTAN

APPROVED

by a resolution № 340 of the

Board of the National Bank

of the Republic of Kazakhstan

dated November 5, 1999

These Rules are developed in accordance with Decrees of the President of the Republic of Kazakhstan, having validity of the law, "On Banks and Banking Activity in the Republic of Kazakhstan" and "On National Bank of the Republic of Kazakhstan", and establish the order and cases of obligatory collective guaranteeing (insuring) of physical persons deposits in second-tier banks, mechanism of its realization, as well as regulate activities of an organization, carrying out obligatory collective guaranteeing (insuring) of physical persons deposits in second-tier banks, and its relations with second-tier banks and their depositors.

Chapter 1. General Provisions.

1. Obligatory collective guaranteeing (insuring) of physical persons deposits in second-tier banks of the Republic of Kazakhstan is carried out by a close stock company "Kazakhstani Fund for Guaranteeing (Insuring) Physical Persons Deposits" (further - the Fund), being a non-commercial organization.

The goal of the Funds activity is to ensure repayment of physical persons money placed in deposits in second-tier banks in an order determined by these Rules.

2. In order to apply these Rules, the following concepts are used:

1) Bank-agent - a bank carrying out measures for payment of compensation to depositors on a basis of an agency agreement with the Fund;

2) Bank - participant of the system of obligatory collective guaranteeing (insuring) of physical persons deposits (further - a bank-participant) - a bank carrying out payments in the Fund and having a participants certificate;

3) Depositor of a bank-participant - a physical person having deposits in a bank-participant being an object of obligatory collective guaranteeing (insuring) of physical persons deposits;

4) Compensation on a deposit - an amount of money subject to repayment by the Fund to a depositor;

5) Additional payments - an amount of money transferred by banks-participants to the Fund in case of insufficiency of the amount of obligatory calendar payments transferred earlier by banks-participants, investment income from distribution of assets and money of the Funds authorized capital for compensation on deposits in accordance with decision of the Funds Board;