THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of February 12, 2021 No. 28

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation of insurance activity

According to Articles 2, 9, 11-1, 12, 15-1, 15-2, 16, 16-4, 17, 18, 18-1, 20, 37-1, 43, 53, 54-1, 69-1, 72-1, 75-1, 79 Laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", Articles 2, 4 Laws of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments", Articles 2, 19, 22, 26-1 Law of the Republic of Kazakhstan of July 1, 2003 "About compulsory insurance of civil responsibility of owners of vehicles", Articles 3, 17-1 Law of the Republic of Kazakhstan of February 7, 2005 "About compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of insurance activity to which changes and additions, according to appendix to this resolution are made.

2. To provide to department of the insurance market and actuarial calculations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective from the date of its first official publication.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 12, 2021 No. 28

The list of regulatory legal acts of the Republic of Kazakhstan concerning regulation of insurance activity to which changes and additions are made

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of September 24, 2003 No. 345 "About approval of the Standard agreement of participation in Fonda of guaranteeing insurance payments" (it is registered in the Register of state registration of regulatory legal acts at No. 2548) the following changes:

in the Standard agreement of participation in Fonda the guaranteeing insurance payments approved by the specified resolution:

state preamble in the following edition:

""Fund of guaranteeing insurance payments" joint-stock company (further - Fund) on behalf of the Chairman _____________________, acting on the basis of the Charter, and the Insurance company, Branch of the insurance nonresident organization of the Republic of Kazakhstan (further - insurance company - the participant) ________________ on behalf of the Chairman (the head of Branch of the insurance nonresident organization of the Republic of Kazakhstan (further – the head of Branch) ____________, acting on the basis of the Charter (Provisions about Branch of the insurance nonresident organization of the Republic of Kazakhstan), the hereinafter referred to as Parties, signed the agreement as follows:

The concepts used in this agreement have the interpretation determined by the Law of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments" (further – the Law).

The provision of this agreement determining procedure for participation in Fonda of guaranteeing insurance payments extend to branches of the insurance nonresident organizations of the Republic of Kazakhstan performing insurance activity in the territory of the Republic of Kazakhstan on the guaranteed types of insurance taking into account the features provided by the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity".";

state item 4 in the following edition:

"4. Payment of compulsory contributions is made by the insurance participating organizations performing activities in industry "general insurance", independently into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of guaranteeing insurance payments for industry "general insurance" following the results of every quarter no later than 15 (fifteenth) following reporting quarter.

Payment of compulsory contributions is made by the insurance participating organizations performing activities in industry "life insurance", independently into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of guaranteeing insurance payments for industry "life insurance" following the results of financial year no later than 15 (fifteen) calendar days after approval of rate of compulsory contributions.";

state Item 4-3 in the following edition:

"4-3. Payment of additional contributions is made by insurance company - the participant, performing activities in industry "general insurance", independently into the account of Fund in bank of the second level of the Republic of Kazakhstan opened for accounting of means of reserve of indemnification following the results of every quarter no later than the fifteenth following reporting quarter.";

state Chapter 15 in the following edition:

"Chapter 15. Locations, bank details of the parties and signature of the parties

Fund: Insurance company - the participant:

________________________________ (legal address, business identification number, number, phone, fax, e-mail)	________________________________ (name, legal address, business and identification number, phone number, fax, e-mail)
________________________________ Bank details (bank name, No. of the current account)	________________________________ Bank details (bank name, No. of the current account)

Fund: Insurance company – the participant:

Chairman ____________

Chairman (head Branch) __________".

2. Bring in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of February 16, 2004 No. 35 "About approval of Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization" (it is registered in the Register of state registration of regulatory legal acts at No. 2752, it is published on September 14, 2005 in the Yuridicheskaya Gazeta newspaper No. 168) the following changes and amendment:

state heading in the following edition:

"About approval of Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan";

state Item 1 in the following edition:

"1. Approve the enclosed Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan.";

in the Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization approved by the specified resolution:

state heading in the following edition:

"Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan";

state preamble in the following edition:

"These Requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan (further – Requirements) are developed according to the Laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of February 28, 2007 "About financial accounting and the financial reporting", of May 13, 2003 "About joint-stock companies" and other regulatory legal acts of the Republic of Kazakhstan and establish requirements to procedure for carrying out internal audit of the insurance (reinsurance) organization, branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan.";

state Item 1 in the following edition:

"1. Internal audit of the insurance (reinsurance) organization, including its branches and representations, and also activities of insurance agents and branch of the insurance (reinsurance) organization – the nonresident of the Republic of Kazakhstan (further - insurance companies), is performed according to requirements of the legislation of the Republic of Kazakhstan about insurance and insurance activity, constituent and internal documents of insurance company, taking into account the features determined by these Requirements.";

add with Item 7 of the following content:

"7. For the purposes of application of requirements of Items 5 and 6 of these Requirements to branch of the insurance (reinsurance) organization - the nonresident of the Republic of Kazakhstan approval of internal documents and procedures of branch of the insurance (reinsurance) organization - the nonresident of the Republic of Kazakhstan is performed by the relevant authorized bodies of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan.".

3. Bring in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of September 25, 2004 No. 274 "About approval of Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount" (it is registered in the Register of state registration of regulatory legal acts at No. 3190, it is published on August 12, 2005 in the Yuridicheskaya Gazeta newspaper No. 147-148) the following changes:

state heading in the following edition:

"About approval of Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount, and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers";

state Item 1 in the following edition:

"1. Approve the enclosed Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers.";

in Rules of issue by the insurance company performing activities for accumulative insurance, the loans to the insurers and calculation of the redemption amount approved by the specified resolution:

state heading in the following edition:

"Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers";

state preamble in the following edition:

"These rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and establish procedure and conditions of issue by the insurance company performing activities for accumulative insurance, except for Islamic insurance company, loans to the insurers within the redemption amount to provision by the branch of the insurance nonresident organization of the Republic of Kazakhstan performing activities on accumulative at insurance, except for branch of the Islamic insurance nonresident organization of the Republic of Kazakhstan, service in provision by the insurance nonresident organization of the Republic of Kazakhstan (further – the insurer) loans to the insurers within the redemption amount, and also procedure of payments of the redemption amount.";

state Item 1 in the following edition:

"1. Activities for provision of loans to insurers the insurance companies having the license of authorized body on regulation, control and supervision of the financial market and the financial organizations (further – authorized body) on the right of implementation of insurance activity on industry perform "life insurance".

The branch of the insurance nonresident organization of the Republic of Kazakhstan, having the license of authorized body for the right of implementation of insurance activity on industry "life insurance", provides services in provision by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers within the redemption amount.".

4. Bring in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of March 25, 2006 No. 85 "About approval of the Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations" (it is registered in the Register of state registration of regulatory legal acts at No. 4204) the following changes:

state heading in the following edition:

"About approval of the Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan";

state Item 1 in the following edition:

"1. Approve the enclosed Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan.";

in the Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations approved by the specified resolution:

state heading in the following edition:

"Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan";

the preamble to state in the following edition:

"This Instruction on requirements to evaluation methods and calculation principles of insurance rates on classes (types) of insurance of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan is developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999 and determines requirements to evaluation methods and calculation principles of insurance rates by classes (types) of insurance of the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan.";

5) and 6) of Item 1 to state subitems in the following edition:

"5) loading - the part of gross premium intended for covering of administrative expenses of the insurer, branch of the insurance nonresident organization of the Republic of Kazakhstan on carrying out insurance transactions, contingencies and profit;

6) net premium - the part of gross premium intended for forming of resources of insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan on implementation of insurance payments;";

state Item 6 in the following edition:

"6. Calculation of insurance rates according to requirements of this Instruction is made on all classes, and also the types of insurance entering certain class of insurance and reviewed by the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan at least once in three years.";

state Item 16 in the following edition:

"16. As a result of calculation of insurance rates for class (type) of insurance the following indicators shall be determined and proved:

1) basic, minimum basic and maximum basic sizes of insurance rate;

2) risk factors which attract application to the calculated basic insurance rates of coefficients of differentiation with reasons for sizes of these coefficients;

3) detailed classification of risks (insurers) by class (type) of insurance;

4) the table of distribution of insurance rates (the sizes of insurance premiums) depending on category of insurers of the insurance risks (insured) and accepted on insurance according to the accepted classification.

Requirements of the subitem 4) of this Item do not extend to insurance companies and branches of the insurance nonresident organizations of the Republic of Kazakhstan performing insurance activity in industry "life insurance".";

state Items 17-1, 17-2 and 17-3 in the following edition:

"17-1. The insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan place on Internet resource or in the place available to review clients, information on the sizes of insurance rates on insurance classes, including without limitation information about:

1) basic, minimum basic and maximum basic sizes of insurance rate;

2) differentiation coefficients;

3) to the table of distribution of insurance rates (the sizes of insurance premiums) depending on category of insurers of the insurance risks (insured) and accepted on insurance according to the accepted classification.

Requirements of the subitem 3) of this Item do not extend to insurance companies and branches of the insurance nonresident organizations of the Republic of Kazakhstan performing insurance activity in industry "life insurance".

17-2. For placement of information specified in Item 17-1 of this Instruction own Internet resource or the room at head office of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and branches of the insurance (reinsurance) organization, and also the room of insurance agent (legal entity) in which clients of the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan have open entry are used.

17-3. Information specified in Item 17-1 of this Instruction is placed in the state and Russian languages with indication of date and time as of which this information is constituted, and the period of its action.

In case of review by the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan of the sizes of insurance rates for insurance classes, the insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan within three working days from the date of their approval by the actuary, updates the relevant information on the Internet resource and (or) in the place available to review clients.".

5. Bring in the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of June 25, 2007 No. 177 "About approval of Requirements to organization activity on forming and maintaining the database" (it is registered in the Register of state registration of regulatory legal acts at No. 4860) the following changes:

in the Requirements to organization activity on forming and maintaining the database approved by the specified resolution:

state Item 1 in the following edition:

"1. In Requirements the basic concepts established by the Law on insurance activity, the Law of the Republic of Kazakhstan of January 7, 2003 "About the electronic document and the digital signature" and also the following concepts are used:

1) the administrator of safety of information systems (further – the administrator) – the employee of the Organization and the user of the database providing functioning of system of electronic obtaining and (or) data transmission, implementation of measures for their protection, performing generation of the arriving and (or) transmitted data taking into account its functions and powers;

2) information security policy – regulations and the practical acceptances regulating management, protection and distribution of information of limited distribution;

3) authentication – confirmation of authenticity of the subject or access object by determination of compliance of the shown details of access available in system;

4) the user of the database – the suppliers of information specified in Item 3 of article 80 of the Law on insurance activity and the receivers of the insurance report specified in subitems 3) and 5) of item 4 of article 80 of the Law on insurance activity, participating in information system of forming and uses of insurance reports and obliged to sign the agreement on provision of information and (or) receipt of insurance reports according to requirements of the Law;

5) the responsible person – the employee of the Organization and the user of the database providing functioning and control of means of information protection from unauthorized access;

6) the harmful software (computer viruses, net worms and the similar software) - the set of the carried-out code capable to create the copies (in parts or in full matching with the original) and to implement them in different objects and (or) resources of computer systems, networks without the knowledge of the user of the database;

7) the mode of real time – the operating mode of information system of forming and use of insurance reports providing receipt, processing and exchange of information till 12:00 o'clock time of the city of Nour-Sultan of the day following behind day of the conclusion of the insurance contract;

8) key information – cryptographic keys and keys of the digital signature;

9) the operator – the worker of the user of the database who is directly performing acceptance, collection, processing, transfer and receipt of information with use of system of protection;

10) information system of forming and use of insurance reports – set of the information technologies, information networks and means of their software and hardware intended for realization by the Organization, the suppliers of information specified in Item 3 of article 80 of the Law on insurance activity, receivers of insurance reports (except for the subject of the database) information processes;

11) measures for protection of information system of forming and use of insurance reports – the organizational and technical actions aimed at providing safe functioning of information system of forming and use of insurance reports including the hardware-software protection of electronic means and computers against unauthorized access providing access control to the established software and information, providing means of differentiation of powers of the registered users;

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