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

of January 27, 2026 No. 3

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

Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed List of some regulatory legal acts of the Republic of Kazakhstan concerning enhancement of the insurance market to which changes and additions are made (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.

It is approved Bureau of national statistics of the Agency on strategic planning and reforms of the Republic of Kazakhstan

It is approved Ministry of national economy of the Republic of Kazakhstan

It is approved Ministry of Culture and Information of the Republic of Kazakhstan

It is approved Ministry of Labour and Social Protection of the population of the Republic of Kazakhstan

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of January 27, 2026 No. 3

The list of regulatory legal acts of the Republic of Kazakhstan concerning enhancement of the insurance market 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 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, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan" (it is registered in the Register of state registration of regulatory legal acts at No. 4204) the following changes and amendments:

in 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 approved by the specified resolution:

state preamble 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 "About insurance activity" (further – the Law), the Civil code of the Republic of Kazakhstan 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.";

add with Item 15-1 of the following content:

"15-1. When implementing calculation of insurance rates for physical persons on the voluntary classes of insurance which are not including the products of accumulative life insurance, sickness insurances including which are going abroad loading does not exceed value of net premium.";

add with Item 16-1 of the following content:

"16-1. The difference between the minimum basic and maximum basic size of insurance rate, the classes of accumulative insurance and sickness insurance established for physical persons on voluntary classes (types) of insurance, except for, including going abroad, does not exceed 50 (fifty) percent.";

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 amendments:

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 Item 2 in the following edition:

"2. Normative values for the insurance (reinsurance) organization and insurance group are established according to article 46 of the Law and are calculated on the basis of the reporting accepted by National Bank of the Republic of Kazakhstan according to the subitem 48) of paragraph two of part two of Item 19 of the Regulations on National Bank of the Republic of Kazakhstan approved by the Presidential decree of the Republic of Kazakhstan of December 31, 2003 No. 1271 "About approval of the Provision and structure of National Bank of the Republic of Kazakhstan"";

the second Item 10 to state part in the following edition:

"Rating estimates of the A.M. Best agency (Hey. Em. Бест) are used only for the purpose of recognition of rating assessment of the overcautious person and calculation of own deduction of insurance company.";

2) of Item 12 to state the subitem in the following edition:

"2) the amount of cumulative insurance premiums (cumulative earned premiums) accepted by the insurance (reinsurance) organization on the class "compulsory insurance of civil responsibility of owners of vehicles" (further – OGPO VTS), is subject to increase by 50 (fifty) percent.

The amount of cumulative insurance premiums (earned premiums) accepted by the insurance (reinsurance) organization on class OGPO VTS within insurance pool:

with participation of 80 (eighty) and more percent of the insurance companies having the license on class OGPO VTS is not subject to increase;

with participation at least 50 (fifty) and no more than 80 (eighty) percent of the insurance companies having the license on class OGPO VTS are subject to increase by 25 (twenty five) percent.";

state Item 14 in the following edition:

"14. The minimum size of margin of solvency increases by the following amounts:

according to insurance contracts (reinsurance) on the classes in voluntary form of insurance specified in subitems 13), 14), 15-1) and 16) of Item 3 of article 6 of the Law - for 10 (ten) percent from insurance premiums on current agreements of insurance (reinsurance) on these classes of insurance by the end of the reporting period;

according to insurance contracts (reinsurance) on the class in voluntary form of insurance specified in the subitem 12) of Item 3 of article 6 of the Law, object of insurance on which are the valuable interests of the insurer or beneficiary connected with indemnification as a result of non-execution (improper execution) by the insurer (insured) of the agreement obligations, concluded between the insurer, the insured or third party - for 10 (ten) percent from insurance premiums on current agreements of insurance (reinsurance) on this class of insurance by the end of the reporting period;

according to the insurance contracts (reinsurance) providing compensation of financial losses of persons connected with the insurance (reinsurance) organization the special relations within the classes in voluntary form of insurance specified in subitems 13), 14), 15-1) and 16) of Item 3 of article 6 of the Law - in addition for 10 (ten) percent from insurance premium on the insurance contracts (reinsurance) existing by the end of the reporting period.

The requirement specified in the paragraph the second this Item does not extend to cases of the conclusion of insurance contracts (reinsurance) on the classes in voluntary form of insurance specified in subitems 13), 14), 15-1) and 16) of Item 3 of article 6 of the Law within insurance pool, with participation at least five insurance companies.";

2) to state the subitem to part two of Item 21 in the following edition:

"2) after January 1, 2023, it is equal to the work of 4 (four) percent from the amount of the calculated insurance reserves and the correction coefficient calculated as the relation of the amount of the created insurance reserves less the overcautious person's share in insurance reserves for the end of the previous financial year to the total amount of the created insurance reserves for the end of the previous financial year. If the size of the correction coefficient received as a result of calculation is less than 0,85 (zero whole eighty five 100-th), then for calculation 0,85 is accepted (zero whole eighty five 100-th).";

5) of Item 34 to state the subitem in the following edition:

"5) the financial instruments specified in subitems 8), 9), 10), 11), 12), 13), 14), 15), 16), 17), 18), 19), 20), 21), 22), 23), 24), 25), 26), 27), 28) and 30) Item 38 of Standard rates - in the amounts specified in the Table of assets of the insurance (reinsurance) organization taking into account their classification by quality and liquidity according to appendix 4 to Standard rates;";

state Item 38 in the following edition:

"38. As highly liquid assets the following assets of the insurance (reinsurance) organization are recognized:

1) money in cash desk in the amount which is not exceeding 1 (one) percent from the amount of assets of the insurance (reinsurance) organization minus reinsurance assets;

2) the money of the insurance (reinsurance) organization on accounts at the organization performing broker and (or) dealer activities in the security market, or registered in the territory of the International financial center "Astana" which is in banks of the second level of the Republic of Kazakhstan, and in the central depositary;

3) money on current accounts in the banks of the second level of the Republic of Kazakhstan conforming to requirements of the subitem 5) of this Item of Standard rates;

4) the money of the insurance (reinsurance) organization on accounts at the organization performing activities for management of investment portfolio in the security market, or registered in the territory of the International financial center "Astana" which is in banks of the second level of the Republic of Kazakhstan;

5) the deposits placed in the banks of the second level of the Republic of Kazakhstan corresponding to one of the following requirements:

are issuers whose shares are included in category "premium" of the sector of "share" of the Main platform of the official listing of stock exchange or are in the representative list of the stock exchange index;

have long-term credit rating not below "In -" on the international scale of the Standard & Poor agency "s (Standard энд Purs) or the rating of similar level of one of other rating agencies, or rating assessment not below "kzBB-" on national scale of Standard & Poor" s (Standard энд Purs), or the rating of similar level on national scale of one of other rating agencies;

are affiliated resident banks of the Republic of Kazakhstan which parent nonresident banks of the Republic of Kazakhstan have long-term credit rating in foreign currency not below "And -" on the international scale of the Standard & Poor agency "s (Standard энд Purs) or the rating of similar level of one of other rating agencies;

6) the deposits placed in the international financial institutions having long-term rating is not lower than "AA-" of the Standard & Poor agency "s (Standard энд Purs) or the rating of similar level of one of other rating agencies, the deposits placed in Eurasian Development Bank in national currency of the Republic of Kazakhstan;

7) the deposits placed in the nonresident banks having long-term rating is not lower than "VVV-" on the international scale of the Standard & Poor agency "s (Standard энд Purs) or the rating of similar level of one of other rating agencies;

8) the government securities of the Republic of Kazakhstan (including emitted according to the legislation of other states) issued by the Ministry of Finance of the Republic of Kazakhstan and National Bank of the Republic of Kazakhstan;

9) the debt securities issued by local executive bodies of the Republic of Kazakhstan, included in the official listing of the stock exchange performing activities in the territory of the Republic of Kazakhstan;

10) the debt securities issued by the legal entity performing the redemption of mortgage loans of the physical persons which are not connected with business activity which hundred percent of shares belong to National Bank of the Republic of Kazakhstan;

11) the debt securities issued by joint-stock companies "Development Bank of Kazakhstan", "National welfare fund "Samruk-Kazyna", "National managing holding "Bayterek", "Fund of the Problem Credits" and Eurasian Development Bank according to the legislation of the Republic of Kazakhstan and other states;

12) the non-state debt securities of legal entities of the Republic of Kazakhstan issued according to the legislation of the Republic of Kazakhstan and other states, included in the official listing of the stock exchange performing activities in the territory of the Republic of Kazakhstan;

13) the non-state debt securities of legal entities of the Republic of Kazakhstan admitted to public trading on the stock exchange functioning in the territory of the International financial center "Astana";

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