RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2018 No. 258

About some questions of establishment of prohibition on provision of preferential terms to the faces tied with the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan, the special relations

According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. For the purposes of the subitem 2) of Item 2 of article 15-1 of the Law the cost of the transaction or set of transactions of the insurance (reinsurance) organization (within the last twelve months) with the face tied with the insurance (reinsurance) organization the special relations exceeds 0,1 (zero whole one tenth) percent from equity of the insurance (reinsurance) organization on acceptance date the insurance (reinsurance) organization of the decision on transaction or set of transactions or 2 (two) one million tenges. For the purposes of this Item the smallest of the specified values is applied. Calculation of cost of set of transactions is perfromed for date of making of the last transaction taking into account the cost of earlier made transactions.

2. For the purposes of part two of Item 2 of article 15-1 of the Law to establish the following additional criteria of reference of transactions to transactions with preferential terms:

1) the conclusion of the insurance contract (reinsurance) with the face tied with the insurance (reinsurance) organization the special relations, or in its interests, providing return of part of the got insurance premium to the insurer (reinsurer) in the absence of insured events;

2) numerous prolongation of payment due date of insurance premium or its part according to the insurance contract (reinsurance) signed with the face tied with the insurance (reinsurance) organization the special relations;

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