RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of April 20, 2001 No. 120

About approval of Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities in the insurance market, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization

For the purpose of implementation of the Law of the Republic of Kazakhstan "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities in the insurance market, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization.

2. To department of insurance supervision (Kurmanov Zh. B.):

1) together with Legal department (Sharipov S. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of central office, territorial branches of National Bank of the Republic of Kazakhstan and the insurance (reinsurance) organizations.

3. To impose control of execution of this resolution on the Chairman of National Bank of the Republic of Kazakhstan Marchenko G. A.

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of April 20, 2001 No. 120

Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities in the insurance market, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization

1. General provisions

1. These rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities in the insurance market, passing qualification examination by the actuary, involvement of the independent actuary are developed for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) and determine procedure of actuarial activities, licensing for the right of implementation of actuarial activities in the insurance market, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary being on the staff of the insurance (reinsurance) organization in National Bank of the Republic of Kazakhstan (further - authorized state body), and also the list and requirements to international associations of actuaries.

2. Actuarial activities are performed according to the Law, regulatory legal acts of authorized body on regulation and supervision of the financial market and the financial organizations (further - authorized state body) and taking into account the international principles (standards) of implementation of actuarial activities.

3. The authorized state body is the single licensor in the territory of the Republic of Kazakhstan authorized on licensing for implementation of actuarial activities (further - the license).

4. The license is inaliennable, that is not given by the licensee to other physical persons and legal entities, and acts on all territory of the Republic of Kazakhstan.

5. The physical person having the license has the right to act as the actuary.

6. Control of observance by the actuary of licensed rules is exercised by authorized state body.

2. Actuarial activities

7. Task of actuarial activities is implementation of economic-mathematical calculations of the amount of agreement obligations of insurance and reinsurance for the purpose of ensuring necessary level of financial stability and solvency of the insurance (reinsurance) organization.

Actuarial activities include provision of the following services:

1) consultations and recommendations about methods and sources of forming of insurance reserves;

2) services in the questions connected with assessment of financial stability and solvency of the insurance (reinsurance) organization;

3) development of methodology of calculation and economic case of insurance rates;

4) the research and systematization of insurance risks agrees the insurance classification accepted in the legislation;

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