RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2013 No. 242

About approval of the Method of calculation of insurance premium and insurance payment for agreements of the retirement annuity performed by insurance company or the independent expert, the admissible expense level of insurance company on conducting case on the signed agreements of retirement annuity, the standard agreement of retirement annuity

According to the Law of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve:

1) the Method of calculation of insurance premium and insurance payment for agreements of the retirement annuity performed by insurance company or the independent expert according to appendix 1 to this resolution;

2) the admissible expense level of insurance company on conducting case on the signed agreements of retirement annuity, according to appendix 2 to this resolution;

3) the Standard agreement of retirement annuity, according to appendix 3 to this resolution.

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan, according to appendix 4 to this resolution.

3. This resolution becomes effective after ten calendar days after day of its first official publication.

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2013 No. 242

Method of calculation of insurance premium and insurance payment for agreements of the retirement annuity performed by insurance company or the independent expert

1. The method of calculation of insurance premium and insurance payment for agreements of the retirement annuity performed by insurance company or the independent expert (further - the Technique) is developed according to the laws of the Republic of Kazakhstan of June 21, 2013 "About provision of pensions in the Republic of Kazakhstan" (further - the Law on provision of pensions), of December 18, 2000 "About insurance activity" and establishes requirements to the calculation of insurance premium and insurance payment for agreements of retirement annuity performed by insurance company or the independent expert.

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

1) lump insurance sum payment - the payment performed by the single payment together with the first periodic insurance payment in the amount of determined by article 63 of the Law on provision of pensions;

2) sufficiency of pension accruals - the amount of pension accruals required for the conclusion of the agreement of retirement annuity with amount of monthly insurance payment is not lower than the size of minimum pension, for the period before the termination of the duration of the agreement of retirement annuity.

The amount of monthly insurance payment is accepted not lower than the size of the minimum pension established for the corresponding financial year by the law on the republican budget existing for date of the conclusion of the agreement of retirement annuity;

3) the guaranteed insurance payments - periodic insurance payments to the insurer or his heirs during the period of time defined by the agreement regardless of survival of the insurer;

4) fund (funds) - the single accumulation pension fund (the single accumulation pension fund and the Voluntary accumulation pension fund);

5) insurance premium - the pension accruals and (or) money directed by the insurer to acquisition of retirement annuity at its choice in insurance company of the Republic of Kazakhstan;

6) insurance company - the legal entity having the license of authorized body on regulation, control and supervision of the financial market and the financial organizations on the right of implementation of insurance activity in industry "life insurance" on the class "annuity insurance";

7) the insurer - the physical person which signed the agreement of retirement annuity according to article 59 of the Law on provision of pensions.

3. Persons specified in Items 1, 2 and 4 articles 59 of the Law on provision of pensions sign the agreement of retirement annuity on condition of sufficiency of their pension accruals.

4. Pension accruals go fund (funds) for acquisition of retirement annuity at the choice of the insurer in one of insurance companies of the Republic of Kazakhstan.

5. For calculation of the size of insurance premium and insurance payment for the agreement of retirement annuity the factor of current value taking into account expenses on conducting case is used.

6. The factor of current value is determined for the period validity of retirement annuity according to Item 1 of appendix 1 to the Technique.

7. For persons specified in Items 1, 2 and 4 articles 59 of the Law on provision of pensions, sufficiency of pension accruals represents the amount at least performing monthly insurance payment, factor of current value taking into account expenses on conducting case and 12.

Sufficiency of pension accruals is calculated according to Item 2 of appendix 1 to the Technique.

Sufficiency of pension accruals and insurance premium taking into account lump sum payment are calculated according to Item 3 of appendix 1 to the Technique.

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