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ORDER OF THE MINISTER OF AGRICULTURE OF THE REPUBLIC OF KAZAKHSTAN

of May 14, 2020 No. 170

About approval of Rules of development and approval of insurance products

According to subitem 41-10) of Item 1 of article 6 of the Law of the Republic of Kazakhstan of July 8, 2005 "About state regulation of development of agro-industrial complex and the rural territories" PRIKAZYVAYU:

1. Approve the enclosed Rules of development and approval of insurance products.

2. To provide to department of financial instruments and microcredit of the Ministry of Agriculture of the Republic of Kazakhstan in the procedure established by the legislation:

1) the state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this order on Internet resource of the Ministry of Agriculture of the Republic of Kazakhstan after its official publication.

3. To impose control of execution of this order on the supervising vice-Minister of Agriculture of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days from the date of its first official publication.

Minister of Agriculture of the Republic of Kazakhstan

S. Omarov

It is approved

Ministry of Finance of the Republic of Kazakhstan

 

It is approved

Agency of the Republic of Kazakhstan on regulation and development of the financial market

 

It is approved

Ministry of national economy of the Republic of Kazakhstan

 

 

It is approved

Ministry of digital development, innovations and aerospace industry of the Republic of Kazakhstan

 

Approved by the Order of the Minister of Agriculture of the Republic of Kazakhstan of May 14, 2020 No. 170

Rules of development and approval of insurance products

Chapter 1. General provisions

1. These rules of development and approval of insurance products (further - Rules) are developed according to subitem 41-10) of Item 1 of article 6 of the Law of the Republic of Kazakhstan of July 8, 2005 "About state regulation of development of agro-industrial complex and the rural territories" and determine procedure for development and approval of the insurance products which are subject to subsidizing in agro-industrial complex (further - the AIC).

2. In these rules the following terms and determinations are used:

1) the operator in the field of insurance in the AIC (further - the operator) - the joint-stock company created according to the decision of the Government of the Republic of Kazakhstan which is part of national managing holding in the field of agrarian and industrial complex which single shareholder is the state;

2) authorized body in the field of development of the AIC (further - authorized body) - the state body performing state regulation in the field of development of the AIC;

3) authorized body on regulation, control and supervision of the financial market and the financial organizations (further - ARRFR) - the state body performing state regulation, control and supervision of the financial market and the financial organizations;

4) insured event - event with which approach the insurance contract provides implementation of insurance payment;

5) insurance product - the financial product developed by the operator or the insurer, approved with ARRFR and approved by the operator, which is subject to subsidizing within the state support of subjects of the AIC in case of insurance in the AIC;

6) insurance premium - amount of money which the insurer pays to the insurer for adoption by the last of obligations to make insurance payment to the insurer (beneficiary) in the amount of, defined by the insurance contract;

7) subsidizing of part of insurance premium - the form of the state support directed to compensation of part of the insurance premium paid by subjects of the AIC to insurers;

8) the insurer - the legal entity performing activities for the conclusion and execution of insurance contracts based on the corresponding license ARRFR;

9) insurer - physical person or legal entity, including country or the farm which signed the insurance contract with the insurer;

10) advisory council - the collegiate organ created under operator, the purpose of creation and which activities consideration of insurance products and consisting of representatives of insurance companies, authorized body, the operator, independent experts and other persons is;

11) the feasibility statement - documentary drawn up results of calculations of economic feasibility of approval of insurance product.

Chapter 2. Procedure for development and approval of the insurance products which are subject to subsidizing

3. Insurance products are developed by the operator or insurers having licenses for implementation of insurance activity in the "general insurance" area.

4. The insurance products which are subject to subsidizing conform to the following requirements:

1) availability of recommendations of banks of the second level;

2) implementation of insurance payment no later than 30 (thirty) calendar days from the moment of providing complete document package on insured event;

3) application of the standard rate of costs not below evidence-based parameters of non-commercial joint-stock company "National Agrarian Scientific and Educational Center" (for insurance products where the standard rate of costs is applied);

4) distribution on especially dangerous diseases of the animals included in the list of especially dangerous diseases of animals in case of which obligatory withdrawal and extermination of the animals, products and raw materials of animal origin constituting health hazard of animals and the person, No. 7-1/559 approved by the order of the Minister of Agriculture of the Republic of Kazakhstan of October 30, 2014 "About approval of regulatory legal acts in the field of veterinary science" are carried out (it is registered in the Register of the state registration of regulatory legal acts at No. 9891);

5) reinsurance availability at least fifty percent from hundred percent of risks in the reinsurance company with the rating of financial stability (credit rating) not below "B+" on scale of the international rating agency Standars&Poor "s, or not below equivalent rating on scale of other international rating agencies.

The requirements specified in subitems 2), 3) and 4) of this Item are applied to insurance products in which their use is possible.

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