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

of February 20, 2023 No. 3

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

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 insurance activity to which changes and amendment are made, according to appendix to this resolution (further – the List).

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 February 20, 2023 No. 3

The list of regulatory legal acts of the Republic of Kazakhstan concerning insurance activity to which changes and amendment 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 March 1, 2010 No. 28 "About approval of the regulatory legal acts regulating the organization and implementation of activities for compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it" (it is registered in the Register of state registration of regulatory legal acts at No. 6156) the following changes:

state preamble in the following edition:

"For the purpose of implementation of the Law of the Republic of Kazakhstan "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning compulsory and mutual insurance, the taxation" the Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:";

in Rules of calculation of annuity payments for the agreement of annuity and about the requirements to the agreement of annuity and to the admissible expense level of the insurer on conducting case on the signed agreements of annuity approved by the specified resolution:

state preamble in the following edition:

"These rules are developed according to the Law of the Republic of Kazakhstan "About compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it" (further – the Law) and determine procedure of payments of annuity payments by the contract of annuity and the requirement to the agreement of annuity and the admissible expense level of the insurer for conducting case on the signed agreements of annuity.";

state Item 6 in the following edition:

"6. The insurer when calculating factor of current value of annuity payments for agreements of annuity uses the death rate indicators which are not exceeding the indicators specified in appendices 1, 2 to the these rules, and also established by 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" registered in the Register of state registration of regulatory legal acts at No. 12318 (further – the Resolution No. 194).

When calculating factor of current value of annuity payments for the agreements of annuity signed for benefit of the injured worker, and also persons having the right to indemnification according to Item 3 of Article 940 of the Civil Code of the Republic of Kazakhstan the following indicators of death rate are used:

1) for the injured worker - specified in appendix 1 to these rules;

2) for women is more senior than fifty eight years and men is more senior than sixty three years - specified in the Resolution No. 194;

3) for persons with disability is more senior than sixteen-year age - specified in appendix 2 to these rules;

4) for the faces with disability which did not reach sixteen-year age, minors, pupils, parents of the spouse or other family member occupied with care of the children who were in dependence, grandsons, brothers and sisters of the died worker death rate indicators equal to zero are used.".

2. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of December 26, 2016 No. 304 "About establishment of normative values and techniques of calculations of prudential standard rates of the insurance (reinsurance) organization and insurance group and other regulations and limits, requirements, obligatory to observance, to the shares acquired by the insurance (reinsurance) organizations, the affiliated organizations of the insurance (reinsurance) organizations or insurance holdings (to shares in the authorized capital) legal entities, the list of bonds of the international financial institutions acquired by insurance holdings, the minimum required rating for the bonds acquired by insurance holdings and the list of rating agencies, and also the list of financial instruments (except for shares and shares in the authorized capital), acquired by the insurance (reinsurance) organizations" (it is registered in the Register of state registration of regulatory legal acts at No. 14794) the following changes and amendment:

state preamble in the following edition:

"According to the laws of the Republic of Kazakhstan "About insurance activity", "About state regulation, control and supervision of the financial market and the financial organizations" and "About the state statistics" the Board of National Bank of the Republic of Kazakhstan DECIDES:";

in the Normative values and techniques of calculations of prudential standard rates of the insurance (reinsurance) organization and insurance group and other regulations and limits, obligatory to observance, approved by the specified resolution:

state Items 1 and 2 in the following edition:

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