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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of August 27, 2018 No. 203

About approval of Rules and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool

(as amended on 12-02-2021)

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 Rules and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool.

2. 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 3 of this resolution.

3. 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.

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

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

Chairman of National Bank

D. Akishev

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 203

Rules and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool

1. These rules and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and determine procedure and features of implementation of activities for reinsurance, and also insurance (reinsurance) pool.

2. For the purposes of Rules the following concepts are used:

1) bordero - the document provided to the overcautious person by the reinsurer and containing list of the obligations and awards which are subject to transfer under the agreement of reinsurance;

2) clause - the standard condition on restriction or expansion of covering of risk applied by the international insurance (reinsurance) organizations and accepted in the international practice according to business customs;

3) the reinsurance commission - the remuneration paid by the overcautious person to the reinsurer for transfer of objects (risks) to the last to reinsurance;

4) reinsurance compensation - the amount of money received by the reinsurer from the overcautious person under the agreement of reinsurance, consisting of share of payment of the overcautious person from the insurance payment which is actually performed by the insurer and the coverings of the expenses made by the reinsurer, connected with settlement of loss according to the insurance contract;

5) the agreement of reinsurance - the agreement between the reinsurer (assignor) and the overcautious person in accordance with the terms of whom the reinsurer (assignor) reports and the overcautious person accepts everything or part of insurance risks according to one or several insurance contracts (reinsurance);

6) limit of responsibility of the overcautious person - the maximum reinsurance covering on all or separate risks transferred under the agreement of reinsurance during the specified period of time established over own deduction of the reinsurer (assignor);

7) net - reinsurance award of the overcautious person - amount of money which is subject to payment of the reinsurance organization for adoption of obligations by it only on implementation of insurance payments without covering of other expenses;

8) the subscription list – the document processed by insurance broker, branch of the insurance nonresident broker of the Republic of Kazakhstan as appendix to reinsurance slip on which the overcautious person makes mark (the signature and (or) stamp) with indication of share of the risk accepted by it on reinsurance. The subscription list, in case of its registration, is integral part of reinsurance slip;

9) sublimit - restriction in reinsurance compensation by separate types of the insurance risks determined within limit of responsibility of the overcautious person;

10) obligatory reinsurance - reinsurance form in case of which the reinsurer (assignor) shall report to the overcautious person to reinsurance, and the overcautious person to accept everything or part of risks according to insurance contracts, according to conditions of the signed agreement of reinsurance;

11) the commission of insurance broker, branch of the insurance nonresident broker of the Republic of Kazakhstan – the remuneration paid by the reinsurer (assignor) to insurance broker, branch of the insurance nonresident broker of the Republic of Kazakhstan for transfer of objects (risks) to the last to reinsurance;

12) non-proportional reinsurance - type of reinsurance in case of which responsibility of the overcautious person on implementation of reinsurance compensation comes if the size of loss or unprofitability exceeds the priority of the reinsurer determined to agreements of reinsurance if other is not provided by the agreement of reinsurance;

13) proportional reinsurance - type of reinsurance in case of which obligations of the overcautious person to the reinsurer by implementation of reinsurance payment it is determined in proportion (share) from insurance payment.

3. The insurance (reinsurance) organization, branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan provide availability of the internal regulations and procedures providing procedure for documentary registration and agreement signature of reinsurance, including determination of terms and authorized persons, except as specified, provided by Rules.

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