11.2.1. Requirement for order of the AIFC Court

No AIFC Takaful Business Transfer Scheme is to have effect unless an order sanctioning the scheme (a Sanction Order) has been made by the AIFC Court under section 112 of the FSFR.

11.2.2. Application for a Sanction Order

An application for a Sanction Order must be made by:

(1) whichever of the transferor or transferee concerned is an AIFC-Incorporated Takaful Operator; or

(2) by both transferor and transferee, if both are AIFC-Incorporated Takaful Operators.

11.2.3. Requirements on the applicant

Subject to such directions as the AFSA may give pursuant to section 112(2) of the FSFR, the applicant for a Sanction Order must ensure that:

(a) the application for a Sanction Order is accompanied by

1. (i) a written report on the terms of the scheme (the Scheme Report) that complies with rule 11.3.2; and
2. (ii) a written summary of the scheme (the Scheme Summary) that complies with rule 11.3.3;

(b) notice of the application for the Sanction Order is given to every policyholder resident in Kazakhstan who is affected by the scheme, in accordance with rule 11.4.1; and

(c) notice of the application for the Sanction Order is published in accordance with rule 11.4.2.