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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 September 15, 2022 No. 70

About approval of the Method of calculation of the size of compulsory contributions, Rules and payment due dates of compulsory contributions by insurance companies in office of the insurance ombudsman

According to Item 2 of article 91 of the Law of the Republic of Kazakhstan "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve:

1) the Method of calculation of the size of compulsory contributions according to appendix 1 to this resolution;

2) Rules and payment due dates of compulsory contributions insurance companies in office of the insurance ombudsman according to appendix 2 to this resolution.

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.

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

M. Abylkasymova

Appendix 1

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 15, 2022 No. 70

Method of calculation of the size of compulsory contributions

1. The method of calculation of the size of compulsory contributions (further – the Technique) is developed according to Item 2 of article 91 of the Law of the Republic of Kazakhstan "About insurance activity" and determines method of calculation of the size of compulsory contributions the insurance companies having the license for the right of implementation of insurance activity, entering into Council of representatives of the insurance ombudsman (further – insurance companies).

2. The rate of compulsory contributions is calculated the insurance ombudsman annually.

3. The size of fees for insurance companies is determined taking into account the budget of the insurance ombudsman for the current financial year and coefficients according to the Technique item 4.

4. The size of compulsory contribution of insurance company is determined according to the following formula:

Amount of fee of insurance company = K1 * (M+R)+K2 * N+K3*O

K1 = A/B

K2 = A*c/C

K3=A * (0.2*e+f+2*g)/(0.2*E+F+2*G)

And – the amount of the budget of the insurance ombudsman;

In – the number of insurance companies;

c – the number of claims to insurance company for previous year;

C – total quantity of claims to insurance companies for previous year;

e – the number of the claims to insurance company for previous year arriving in authorized body;

E – total quantity of the claims to insurance companies for previous year arriving in authorized body;

f – quantity of the applied supervising measures of authorized body to insurance company for the last 3 (three) years;

F – total quantity of the supervising measures applied by authorized body to insurance companies for the last 3 (three) years;

g – the number of the applied sanctions of authorized body against insurance company for the last 3 (three) years;

G – total quantity of the applied sanctions of authorized body against insurance companies for the last 3 (three) years;

M – coefficient of distribution of the budget of the insurance ombudsman for covering of fixed expenses which is equal to 55%;

N, About – coefficients of distribution of the budget of the insurance ombudsman for covering of variable expenses which are equal 35% and 10%, respectively;

R – the development coefficient, determines the fee amount from insurance company for development of office of the insurance ombudsman and does not exceed 20% of the budget of the insurance ombudsman.

5. The insurance ombudsman within 5 (five) working days from approval date of the budget of the insurance ombudsman the current financial year according to item 4 of the Technique calculates the size of compulsory contributions for insurance companies the current financial year.

6. The insurance ombudsman submits for approval to Council of representatives of the insurance ombudsman the size of compulsory contributions for insurance companies within 5 (five) working days from the date of its calculation.

Appendix 2

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 15, 2022 No. 70

Rules and payment due dates of compulsory contributions insurance companies in office of the insurance ombudsman

1. These rules and payment due dates of compulsory contributions are developed by insurance companies in office of the insurance ombudsman (further – Rules) according to Item 2 of article 91 of the Law of the Republic of Kazakhstan "About insurance activity" and determine procedure and payment due dates of compulsory contributions the insurance companies having the license for the right of implementation of insurance activity, entering into Council of representatives of the insurance ombudsman (further – insurance companies).

2. Insurance companies monthly no later than the fifth working day of every month deposit the compulsory contributions to account Private institution the "Office of the Insurance ombudsman" (further – Organization) opened in bank of the second level of the Republic of Kazakhstan based on invoices on payment directed to financing of activities of the insurance ombudsman.

3. Before statement of the insurance ombudsman of rates of compulsory contributions by Council of representatives the current financial year the insurance company pays fees at the rates calculated the previous financial year.

4. After approval the current financial year of the size of compulsory contributions the decision of Council of representatives of the insurance ombudsman:

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