RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2018 No. 190

About approval of Rules and features of participation of the insurer in investments or profit of the insurer, and also Requirements to contents of the insurance contract providing condition of participation of the insurer in investments or profit of the insurer, Conditions and Rules of transfer by insurance company of the assets created at the expense of part of the insurance premiums got from insurers for the purposes of investment and income (losses) gained from their investment in investment management to the managing director of investment portfolio not being insurance company

According to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 2, 2003 "About the security market", of July 7, 2004 "About investment and venture funds" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve:

1) Rules and features of participation of the insurer in investments or profit of the insurer according to appendix 1 to this resolution;

2) Requirements to contents of the insurance contract providing condition of participation of the insurer in investments or profit of the insurer according to appendix 2 to this resolution;

3) Conditions and Rules of transfer by insurance company of the assets created at the expense of part of the insurance premiums got from insurers for the purposes of investment and income (losses) gained from their investment in investment management to the managing director of investment portfolio, not being insurance company according to appendix 3 to this resolution.

2. Declare invalid 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 September 3, 2010 No. 134 "About approval of Rules of participation of the insurer in investments or profit of insurance company" (it is registered in the Register of state registration of regulatory legal acts at No. 6540, it is published on November 11, 2010 in the Kazakhstanskaya Pravda newspaper No. 303-305 (26364-26366).

3. To department of regulation of the non-bank financial organizations (Kosherbayeva A. M.) in the procedure established by the legislation of the Republic of Kazakhstan to provide:

1) together with Legal department (Sarsenov N. V.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) within ten calendar days from the date of state registration of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "The republican center of legal information" for official publication and inclusion in Reference control bank of regulatory legal acts of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication;

4) within ten working days after state registration of this resolution submission to Legal department of data on execution of the actions provided by subitems 2), 3) of this Item and item 4 of this resolution.

4. To management on consumer protection of financial services and external communications (Terentyev A. L.) provide within ten calendar days after state registration of this resolution the direction it to the copy on official publication in periodic printing editions.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kurmanov Zh. B.

6. This resolution becomes effective since October 1, 2018 and is subject to official publication.

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 190

Rules and features of participation of the insurer in investments or profit of the insurer

Chapter 1. General provisions

1. These rules and features of participation of the insurer in investments or profit of the insurer (further - Rules) are developed according to the Civil code of the Republic of Kazakhstan (Special part) of July 1, 1999, the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law on insurance activity), of July 2, 2003 "About the security market" (further - the Law on the security market), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", of July 7, 2004 "About investment and venture funds" (further - the Law on investment and venture funds) and determine procedure and features of participation of the insurer in investments or profit of the insurer.

Rules extend on:

the insurance companies having the license on the industries "life insurance" performing the conclusion of the insurance contracts providing condition of participation of the insurer in investments or profit of the insurer;

the insurance companies having the license on industry the "life insurance" and license for activities on management of investment portfolio in the security market performing the conclusion of the insurance contracts providing condition of participation of the insurer in investments or profit of the insurer;

the professional participants of the security market having license for activities on management of investment portfolio in the security market.

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

1) factor of current value - the amount of works of indicators of survival of the insurer from age for settlement date of annuity to age of receipt of insurance payments in year and the discounting factor in the corresponding degree, equal to inverse value from the amount of effective interest rate of the profitability used for calculation of the amount of insurance payments, and 1;

2) the contract with participation in investments - the insurance contract signed between insurance company and the insurer and providing condition of participation of the insurer in investments on which insurance premium consists of risk and accumulated portion;

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