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

of October 21, 2024 No. 83

About modification and amendments in some regulatory legal acts of the Republic of Kazakhstan concerning regulation and development of 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 regulation of the insurance market 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, except for the paragraph of the thirteenth Item 1 of the List which becomes effective since January 1, 2025.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of October 21, 2024 No. 83

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

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of May 27, 2015 No. 92 "About approval of Rules of application of correction coefficient" (it is registered in the Register of state registration of regulatory legal acts at No. 11651) the following changes:

state preamble in the following edition:

"According to Item 5 of article 17-1 of 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" the Board of National Bank of the Republic of Kazakhstan DECIDES:";

in the Rules of application of correction coefficient approved by the specified resolution:

state Item 1 in the following edition:

"1. These rules of application of correction coefficient (further – 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 establish procedure for application of correction coefficient when calculating the insurance premium which is subject to payment under the agreement of compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it (further – the agreement of compulsory insurance).

The requirements of Rules applied in relation to the insurance resident organization of the Republic of Kazakhstan extend to the branches of the insurance nonresident organizations of the Republic of Kazakhstan opened in the territory of the Republic of Kazakhstan.";

state Item 3 in the following edition:

"3. The correction coefficient is determined based on the annual average number of injured workers within the last 3 (three) years preceding date of the conclusion of the agreement of compulsory insurance, and the corresponding total quantity of employees of insurer for date of the conclusion of the agreement of compulsory insurance. Values of correction coefficients are stipulated in Item 2 articles 17-1 of the Law.";

state Item 6 in the following edition:

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