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THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of February 17, 2021 No. 32

About establishment of normative values and techniques of calculations of prudential standard rates of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and other regulations and limits, obligatory to observance, including procedure for forming of assets of branch of the insurance (reinsurance) organization of the nonresident of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan accepted as reserve, and their minimum size

According to Item 12 of article 46 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and Item 3 of article 16 of the Law of the Republic of Kazakhstan of March 19, 2010 "About the state statistics" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve:

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

2) Techniques of calculations of prudential standard rates of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and other regulations and limits, obligatory to observance, according to appendix 2 to this resolution;

3) Rules of forming of assets of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, the branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan accepted as reserve according to appendix 3 to this resolution.

2. To provide to department of methodology and prudential regulation of the financial organizations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

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

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

M. Abylkasymova

It is approved

Bureau of national statistics of the Agency on strategic planning and reforms of the Republic of Kazakhstan

 

Appendix 1

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 17, 2021 No. 32

Normative values of prudential standard rates of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and other regulations, obligatory to observance, and limits

Name of prudential standard rates, other regulations and (or) limits

Normative value

1

The minimum size of the assets accepted as reserve:


1.1

on industry "general insurance"

 1 500 000 MRP

1.2

on industry "life insurance"

 1 500 000 MRP

1.3

on industry "general insurance" and on reinsurance

 2 100 000 MRP

1.4

on industry "life insurance" and on reinsurance

  2 100 000 MRP

1.5

on industry "general insurance" on the class "mortgage insurance"

  2 100 000 MRP

1.6

on reinsurance, with reinsurance implementation as exclusive type of activity

 10 500 000 MRP

2

Minimum size of the standard rate of sufficiency of margin of solvency

1

3

Minimum size of the standard rate of sufficiency of highly liquid assets

1

Note:

For the purposes of calculation of the minimum size of the assets accepted as reserve the size of the monthly settlement indicator (MSI) established by the law on the republican budget for the corresponding financial year on the date of creation of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan is used.

Appendix 2

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of February 17, 2021 No. 32

Techniques of calculations of prudential standard rates of branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan and other regulations and limits, obligatory to observance

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