Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of January 31, 2019 No. 14

About establishment of normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, requirements, obligatory to observance, to the shares acquired by the Islamic insurance (reinsurance) organizations, the affiliated organizations of the Islamic insurance (reinsurance) organizations (to shares in the authorized capital) legal entities, and also the list of the financial instruments (except for shares and shares in the authorized capital) acquired by the Islamic insurance (reinsurance) organizations

(as amended on 20-09-2021)

According to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and of March 19, 2010 "About the state statistics" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Establish:

1) Normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, obligatory to observance, according to appendix 1 to this resolution;

2)  No. 214 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 28.11.2019

3)  No. 214 is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 28.11.2019

4) requirements to the shares acquired by the Islamic insurance (reinsurance) organizations, the affiliated organizations of the Islamic insurance (reinsurance) organizations (to shares in the authorized capital) legal entities according to appendix 4 to this resolution;

5) the list of the financial instruments (except for shares and shares in the authorized capital) acquired by the Islamic insurance (reinsurance) organizations according to appendix 5 to this resolution.

2. Recognize invalid:

1) the resolution of Board of National Bank of the Republic of Kazakhstan of May 27, 2015 No. 95 "About approval of the Instruction about establishment of normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, obligatory to observance" (it is registered in the Register of state registration of regulatory legal acts at No. 11751, it is published on August 14, 2015 in information system of law of Ad_let);

2) Item 25 of the List of regulatory legal acts of the Republic of Kazakhstan concerning regulation of insurance activity to which changes are made the Board of National Bank of the Republic of Kazakhstan approved by the resolution of May 30, 2016 No. 127 "About modification of some regulatory legal acts of the Republic of Kazakhstan concerning regulation of insurance activity" (it is registered in the Register of state registration of regulatory legal acts at No. 14277, it is published on October 24, 2016 in information system of law of Ad_let).

3. (Salimbayev D. N.) in the procedure established by the legislation of the Republic of Kazakhstan to provide to department of methodology of the financial market:

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 Smolyakov O. A.

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

Chairman of National Bank

D. Akishev

It is approved

Committee according to the statistics Ministries of national economy of the Republic of Kazakhstan

__________________________

"___" ____________ 2018

 

Appendix 1

to the Resolution of Board of National Bank of the Republic of Kazakhstan of January 31, 2019 No. 14

Normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, obligatory to observance

Chapter 1. General provisions

1. These Normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, obligatory to observance (further - Standard rates) are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law), of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and establish normative values and techniques of calculations of prudential standard rates of the Islamic insurance (reinsurance) organization and other regulations and limits, obligatory to observance.

2. The normative values for the Islamic insurance (reinsurance) organization calculated on the basis of the financial reporting are established according to article 46 of the Law.

3. Prudential standard rates and other regulations, obligatory to observance, and limits for the Islamic insurance (reinsurance) organizations include:

minimum size of the authorized capital;

standard rate of sufficiency of margin of solvency;

standard rate of sufficiency of highly liquid assets;

standard rates of asset diversification;

the amount of own deduction of the Islamic insurance (reinsurance) organization under the agreement (agreements) of Islamic insurance, Islamic reinsurance, Islamic joint insurance (joint Islamic reinsurance).

Additional prudential standard rates for the Islamic insurance (reinsurance) organizations include:

reserve of unforeseen risks;

stabilization reserve.

The Islamic insurance (reinsurance) organization provides daily observance of the standard rate of sufficiency of margin of solvency, the standard rate of sufficiency of highly liquid assets, standard rates of asset diversification.

4. For the purposes of Standard rates:

insurance premium of the Islamic insurance (reinsurance) organization accepted under agreements of Islamic insurance the insurance premium is recognized Islamic insurance fund, control of which is exercised by the Islamic (reinsurance) organization;

the insurance reserve of the Islamic insurance (reinsurance) organization created at the expense of agreements of Islamic insurance the insurance reserve is recognized Islamic insurance fund, control of which is exercised by the Islamic (reinsurance) organization;

insurance payment of the Islamic insurance (reinsurance) organization performed at the expense of agreements of Islamic insurance insurance payment from Islamic insurance fund is recognized, control of which is exercised by the Islamic (reinsurance) organization;

asset of the Islamic insurance (reinsurance) organization the asset (means) which are in Islamic insurance fund is recognized, control of which is exercised by the Islamic (reinsurance) organization;

the amount to obtaining from Islamic overcautious persons the amount to obtaining from Islamic overcautious persons created in Islamic insurance fund is recognized, control of which is exercised by the Islamic (reinsurance) organization;

asset of Islamic reinsurance the asset of Islamic reinsurance which is in Islamic insurance fund is recognized, control of which is exercised by the Islamic (reinsurance) organization.

Chapter 2. Minimum size of the authorized capital of the Islamic insurance (reinsurance) organization

5. The minimum size of the authorized capital for again created Islamic insurance (reinsurance) organization in case of receipt of the license for the right of implementation of Islamic insurance (reinsurance) activity is established according to the Minimum size of the authorized capital of the Islamic insurance (reinsurance) organization according to appendix 1 to Standard rates.

6. For the purposes of calculation of the minimum size of the authorized capital the size of monthly settlement indicator established by the law on the republican budget for the corresponding financial year on the date of creation of the Islamic insurance (reinsurance) organization is used.

Chapter 3. Standard rate of sufficiency of margin of solvency

Paragraph 1. Calculation of the standard rate of sufficiency of margin of solvency

7. The standard rate of sufficiency of margin of solvency is calculated as the relation of actual margin of solvency to the minimum size of margin of solvency on formula:

      FMP
Nmp =------------- Больше равно1, where:
            MMP

Nmp - the standard rate of sufficiency of margin of solvency;

FMP - actual margin of solvency;

MMP - the minimum size of margin of solvency.

The standard rate of sufficiency of margin of solvency of the Islamic insurance (reinsurance) organization constitutes at least 1 (units).

8. The minimum size of margin of solvency is calculated according to paragraphs 2 and 3 of this head Normativov. If the size of the calculated minimum size of margin of solvency is less than minimum size of the guarantee fund established in paragraph 4 of this head Normativov, then the minimum size of margin of solvency constitutes the size equal to the minimum size of guarantee fund.

9. The minimum size of margin of solvency of the Islamic insurance (reinsurance) organization increases by the amount of the obligations transferred (transferred) to reinsurance to the Islamic insurance (reinsurance) organizations - residents and nonresidents of the Republic of Kazakhstan according to current agreements of Islamic reinsurance depending on rating assessment of the Islamic overcautious person or value of the standard rate of sufficiency of margin of solvency of the Islamic reinsurance resident organization of the Republic of Kazakhstan on the previous reporting date according to the sum of increase in the minimum size of margin of solvency calculated for the Table of increase in the minimum size of margin of solvency according to appendix 3 to Standard rates.

10. In addition to rating estimates of the Standard & Poor agency "s authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) are also recognized rating estimates of the Moody agencies" to s Investors Service, Fitch, A.M. Best and Morningstar, and also their affiliated rating organizations (further - other rating agencies).

Rating estimates of the A.M. Best agency are used only for the purpose of recognition of rating assessment of the Islamic overcautious person.

Rating estimates of Morningstar rating agency are used only for the purpose of assessment of shares of Exchange Traded Funds (ETF), Exchange traded commodities (ETC), Exchange Traded Notes (ETN).

For the purposes of Standard rates the long-term credit ratings, the ratings of financial stability of the Islamic insurance (reinsurance) organization or ratings corresponding to them according to the comparative table of long-term ratings according to appendix 2 to Standard rates are used.

Paragraph 2. Calculation of the minimum size of margin of solvency for the Islamic insurance (reinsurance) organization performing Islamic insurance (reinsurance) activity on industry "general insurance" and the Islamic reinsurance organization performing reinsurance as exclusive type of activity

11. The minimum size of margin of solvency for the Islamic insurance (reinsurance) organization performing Islamic insurance activity on industry "general insurance", and the Islamic reinsurance organization performing reinsurance as exclusive type of activity represents the size equal to the maximum value of one of the sizes calculated with use of the methods specified in Items 12 and 13 of Standard rates.

12. Procedure of payments of the minimum size of margin of solvency with use of "method of awards":

1) calculation is perfromed proceeding from the amount of the cumulative insurance premiums accepted under agreements of Islamic insurance (reinsurance) for the previous financial year, or the cumulative earned insurance premiums for the previous financial year from which for calculation the largest size is accepted;

2) the amount of cumulative insurance premiums (cumulative earned premiums) accepted by the Islamic insurance (reinsurance) organization on the class "compulsory insurance of civil responsibility of owners of vehicles" is subject to increase by 50 (fifty) percent;

3) the amount of cumulative insurance premiums (cumulative earned premiums) accepted by the Islamic insurance (reinsurance) organization under agreements of Islamic reinsurance on the class "compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it" is subject to increase by 50 (fifty) percent;

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.