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

of September 12, 2022 No. 62

About approval of Rules of assessment of the financial assets of "Fund of Guaranteeing Insurance Payments" joint-stock company created at the expense of own assets of "Fund of Guaranteeing Insurance Payments" joint-stock company, means of reserves of guaranteeing insurance payments for industries "general insurance" and "life insurance", means of reserve of indemnification

According to subitem 6-2) of Item 1 of article 4 of the Law of the Republic of Kazakhstan "About Fund of guaranteeing insurance payments" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed Rules of assessment of the financial assets of "Fund of Guaranteeing Insurance Payments" joint-stock company created at the expense of own assets of "Fund of Guaranteeing Insurance Payments" joint-stock company, means of reserves of guaranteeing insurance payments for industries "general insurance" and "life insurance", means of reserve of indemnification.

2. To provide to department of the insurance market and actuarial calculations 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 ten calendar days after day of its first official publication.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 12, 2022 No. 62

Rules of assessment of the financial assets of "Fund of Guaranteeing Insurance Payments" joint-stock company created at the expense of own assets of "Fund of Guaranteeing Insurance Payments" joint-stock company, means of reserves of guaranteeing insurance payments for industries "general insurance" and "life insurance", means of reserve of indemnification

Rules of assessment of the financial assets of "Fund of Guaranteeing Insurance Payments" joint-stock company (further – Fund) created at the expense of own assets of Fund, means of reserves of guaranteeing insurance payments for industries "general insurance" and "life insurance", means of reserve of indemnification of Fund (further – Rules) are developed according to subitem 6-2) of Item 1) of article 4 of the Law of the Republic of Kazakhstan "About Fund of guaranteeing insurance payments" (further – the Law) and determine evaluation procedure of the financial assets of Fund created at the expense of own assets of Fund, means of reserves of guaranteeing insurance payments for industries "general insurance" and "life insurance", means of reserve of indemnification of Fund.

Chapter 1. The basic concepts used in Rules

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

1) guaranteeing reserves – reserve of indemnification and reserves of guaranteeing insurance payments according to the Law;

2) financial assets – the securities and other financial instruments permitted to acquisition by Fund at the expense of own assets or means of reserves of guaranteeing;

3) own assets of Fund – assets of Fund, except for guaranteeing reserve.

Chapter 2. Assessment of financial assets of Fund

2. The financial assets referred to categories "estimated at fair value through other comprehensive income" and "estimated at fair value through profit or loss" according to the International Financial Reporting Standard 9 "Financial instruments" (further – IFRS 9 "Financial instruments"), are estimated weekly as of the end of the first working day of week.

3. Assessment of the financial assets referred to categories "estimated at fair value through other comprehensive income" and "estimated at fair value through profit or loss" according to IFRS 9 "Financial instruments" is performed on market value according to technique of securities valuation of stock exchange (further – the Technique of the exchange) into which list they are included, or according to information and analytical systems of Bloomberg (Bloomberg) or Reuters (Reuters).

4. Assessment of the government securities of the Republic of Kazakhstan referred to categories "estimated at fair value through other comprehensive income" and "estimated at fair value through profit or loss" according to IFRS 9 "Financial instruments", addressing (traded) only in the territory of the Republic of Kazakhstan or addressing in the territory of the Republic of Kazakhstan and in the international (foreign) markets is performed at the cost determined according to the Technique of the exchange.

In the absence of information on the market prices calculated according to the Technique of the exchange, for assessment of the specified securities the cost determined by Fund according to internal documents of Fund (further – Accounting policy), before emergence of information on the market prices calculated according to the Technique of the exchange necessary for their revaluation according to part one of this Item is used.

5. Assessment of the government securities of the Republic of Kazakhstan which are traded (traded) only on the international (foreign) markets referred to categories "estimated at fair value through other comprehensive income" and "estimated at fair value through profit or loss" according to IFRS 9 "Financial instruments" is performed on closing price of the previous trading day according to information and analytical systems of Bloomberg (Bloomberg) or Reuters (Reuters).

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