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

of October 20, 2022 No. 74

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan on regulation of products of accumulative insurance

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 on regulation of products of accumulative insurance 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 after ten calendar days after day 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 October 20, 2022 No. 74

The list of regulatory legal acts of the Republic of Kazakhstan on regulation of products of accumulative insurance to which changes and additions are made

1. 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, 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" (it is registered in the Register of state registration of regulatory legal acts at No. 3190) the following changes and amendment:

in 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 the loans to the insurers approved by the specified resolution:

state Item 6 in the following edition:

"6. For receipt of loan the insurer provides to the insurer the following documents:

1) the statement for provision of loan in any form, with indication of the term of its provision, loan amount, number and date of the agreement of accumulative insurance;

2) the copy of the identity certificate of the insurer (it is provided if in case of filing of application about provision of loan the reconciliation of data of the insurer with the state databases was not carried out);

3) bank account details with indication of 20-unit bank account number for transfer of loan amount (if it is not connected with delay on payment of insurance premiums).";

add with Item 6-1 of the following content:

"6-1. In case of the appeal of insurer for receipt of loan to the insurer electronically by exchange of electronic information resources the insurer provides opportunity:

1) identifications of the insurer in any manner, the provided Requirements to Rules of internal control for the purpose of counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction for the insurance (reinsurance) organizations, insurance brokers, societies of mutual insurance, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan, approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of October 12, 2020 No. 97, registered in the Register of state registration of regulatory legal acts at No. 21425, and Requirements to proper check of clients in case of remote establishment of business relations by subjects of financial monitoring, approved by the resolution of Board of National Bank of the Republic of Kazakhstan of June 29, 2018 No. 140, registered in the Register of state registration of regulatory legal acts at No. 17250;

2) sendings the one-time message by means of service of text short messages (Sms) with indication of the one-time password on the subscriber number specified by the insurer provided by mobile operator verified with data from the state databases and (or) the database on insurance for confirmation of this number, except as specified the conclusions of the loan agreement by logging into the personal account of the insurer.";

state Item 8 in the following edition:

"8. The loan agreement is constituted according to requirements of the legislation of the Republic of Kazakhstan.

In case of execution of the loan agreement electronically by joining of the insurer to standard terms of loan the Internet resource of insurance company, mobile applications, electronic terminals providing data entry, insurance contracts, necessary for the conclusion, electronically by exchange of electronic information resources and their direction on Internet resource and (or) in information system of the insurer are used.";

state Items 14-2 and 14-3 in the following edition:

"14-2. The size of the redemption amount under the agreement of accumulative insurance, except for agreements of retirement annuity, constitutes at least amount of the insurance premiums which are actually brought by the insurer taking into account the investment revenue added by the insurer less the expenses of the insurer connected with payment of commission fee, expenses for the conclusion and agreement performance of accumulative insurance.

The size of the redemption amount under the agreement of retirement annuity constitutes at least amount of the paid insurance premium less the amount of the performed insurance payments and expenses of the insurer on conducting case.

14-3. At the end of the first year of validity of accumulative insurance, except for the insurance contract for which insurance premium is paid by the insurer one-timely for the entire period of accumulating availability of the redemption amount is not provided.

In case of early agreement cancelation of accumulative insurance, except for agreements of retirement annuity, the insurer pays to the insurer the redemption amount calculated on the date of receipt of the statement from the insurer for insurance agreement cancelation.

In case of early agreement cancelation of retirement annuity transfer of the redemption amount is made according to the subitem 3) of Item 14 of the Standard agreement of the retirement annuity approved by the resolution of Board of National Bank of the Republic of Kazakhstan of October 20, 2015 No. 194, registered in the Register of state registration of regulatory legal acts at No. 12318.".

2. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of October 20, 2015 No. 194 "About approval of the standard agreement of retirement annuity, establishment of the Method of calculation of insurance premium and insurance payment from insurance company under the contract of retirement annuity, admissible expense level of insurance company for conducting case on the signed agreements of retirement annuity, and also rate of indexation of insurance payment" (it is registered in the Register of state registration of regulatory legal acts at No. 12318) the following changes:

To state the standard agreement of retirement annuity approved by the specified resolution in edition according to appendix 1 to this List of regulatory legal acts of the Republic of Kazakhstan on regulation of products of accumulative insurance to which changes and additions are made (further – the List);

in the Method of calculation of insurance premium and insurance payment from the insurance company for the agreement of retirement annuity approved by the specified resolution:

state Items 2 and 3 in the following edition:

"2. For the purposes of the Technique the following basic concepts are used:

1) sufficiency of pension accruals – the amount of pension accruals demanded for the conclusion of the agreement of retirement annuity with size of monthly insurance payment not lower than 70 (seventy) percent from the size of subsistence minimum (1,4-fold size of subsistence minimum in case of the conclusion of the agreement of retirement annuity two persons), acting for date of the conclusion of the agreement of retirement annuity;

2) the guaranteed insurance payments – periodic insurance payments to the insurer (insurers) and (or) insured, or to person specified in the agreement of retirement annuity, and in case of its absence to heirs of the insurer, during the retirement annuity of period of time defined by the agreement regardless of survival of the insurer and (or) insured or insurers;

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