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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 6, 2014 No. 76

About approval of Requirements to forming, method of calculation of insurance reserves and their structure

(In edition of the Resolution of Board of National Bank of the Republic of Kazakhstan of 30.05.2016 No. 127)

According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Requirements to forming, method of calculation of insurance reserves and their structure (further - Requirements).

2. The insurance (reinsurance) organizations provide in National Bank of the Republic of Kazakhstan quarterly information according to appendices 1 and 2 to Requirements.

Information is provided no later than the tenth working day of the month following reporting quarter, in the Microsoft Office Excel format on the electronic medium, providing not adjustability of the provided data.

3. Recognize invalid:

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

Chairman

K. Kelimbetov

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of May 6, 2014 No. 76

Requirements to forming, method of calculation of insurance reserves and their structure

These Requirements to forming, method of calculation of insurance reserves and their structure (further - Requirements) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and establish requirements to forming, method of calculation of insurance reserves and their structure on obligatory and voluntary classes of insurance of industry "general insurance" and industries "life insurance".

1. General provisions

1. For the purposes of Requirements the following concepts are used:

1) actuarial methods - the economic-mathematical methods of calculations applied by the actuary when calculating insurance reserves;

2) not earned insurance premium - the part of insurance premium relating to the period of action of insurance protection according to the insurance contract (reinsurance) following settlement date;

3) settlement date - date for which calculation of insurance reserves is made;

4) indexation rate - the rate increasing the amount of insurance payment;

5) the specified expected cost - the expected (probable) cost of insurance premiums (insurance premiums) either insurance payments, or expenses calculated (discounted) taking into account interest rate and period of time between settlement date and receipt date of insurance premium (fees) or date of implementation of insurance payment for the insurance contract (reinsurance) with use of the tables containing probabilities of approach of death, disability, disease and the sizes connected with the forthcoming life expectancy of persons men's and (or) female calculated on their basis (further - life tables, incidences, disability);

6) net - award (net - fees in case of payment by installments) - the amount of money estimated by the actuary on the basis of actuarial methods which is subject to payment of the insurance (reinsurance) organization for adoption of obligations by it only on implementation of insurance payments without covering of other expenses of the insurance (reinsurance) organization;

7) reserve basis - set of the parameter values influencing the size of insurance reserves according to life insurance contracts and annuity insurance;

8) not settled loss - the declared requirement to the insurance (reinsurance) organization on implementation of insurance payment according to the insurance contract (reinsurance) according to which insurance payment was not performed or performed not in full;

9) the overcautious person's share in insurance reserves - part of obligations of the overcautious person according to the insurance contract (reinsurance) for settlement date;

10) insurance premium - the insurance premium according to the insurance contract (reinsurance) recognized in financial accounting as the income;

11) net insurance premium - insurance premium without the overcautious person's share;

12) tariff basis - set of the parameter values influencing the size of insurance rates according to life insurance contracts and annuity insurance;

13) expenses on creation of insurance reserves - increase in the amount of insurance reserves from the beginning to the end the accounting period;

14) the income from decrease in the size of insurance reserves - decrease in the amount of insurance reserves from the beginning to the end the accounting period;

15) the income on creation of share of the overcautious person in insurance reserves - increase in share of the overcautious person in insurance reserves from the beginning to the end the accounting period;

16) expenses from decrease in share of the overcautious person in insurance reserves - reduction of share of the overcautious person in insurance reserves from the beginning to the end the accounting period;

17) the suffered losses - the amount of effected payments and not settled losses of insurance company for date of the report.

2. Requirements to information necessary for calculation of insurance reserves

2. Insurance reserves are created by the insurance (reinsurance) organization separately according to each insurance contract (reinsurance), on the loss everyone declared, but not settled and on each class, insurance depending on type of insurance reserve. Calculation of insurance reserves is made taking into account amount of obligations assumed by the insurance (reinsurance) organization on all to the signed insurance contracts (reinsurance) regardless of the subsequent risks reinsurance.

3. The insurance (reinsurance) organization perfroms calculation of insurance reserves on the basis of information containing in:

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