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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 12, 2022 No. 63

About approval of requirements to risk management system and internal control in joint-stock company "Fund of guaranteeing insurance payments

According to subitem 10-6) 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 Requirements to risk management system and internal control in "Fund of Guaranteeing Insurance Payments" joint-stock company (further – Requirements) according to appendix 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, except for the subitem 6) of Item 17 of Requirements which becomes effective since July 1, 2023.

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

M. Abylkasymova

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. 63

Requirements to risk management system and internal control in "Fund of Guaranteeing Insurance Payments" joint-stock company

Chapter 1. General provisions

1. These requirements to risk management system and internal control in "Fund of Guaranteeing Insurance Payments" joint-stock company (further - Requirements) are developed according to the Law of the Republic of Kazakhstan "About Fund of guaranteeing insurance payments" (further – the Law) and determine procedure for forming of risk management system and internal control of Fund of guaranteeing insurance payments (further - Fund).

2. In Requirements the following concepts are used:

1) the management reporting – the instrument of internal control and assessment of activities of Fund;

2) guaranteeing reserves – indemnification reserve, reserve of guaranteeing insurance payments for industry "general insurance" and reserve of guaranteeing insurance payments for industry "life insurance", according to the Law of the Republic of Kazakhstan "About Fund of guaranteeing insurance payments";

3) limitation – establishment of high-quality and quantitative restrictions of the accepted risks, establishment of restrictions for transactions (transactions) of Fund.

In case of limitation the following parameters are determined:

indicator on which the limit is set;

method of measure calculation on which the limit is set;

limiting (maximum, minimum) measure value;

4) conflict of interest – situation in case of which there is contradiction between personal interest of officials of Fund and (or) his workers and proper execution of the ex-officio full powers by them or valuable and other interests of Fund and (or) his workers which can entail adverse effects for Fund;

5) stress tests – methods of measurement of potential influence on financial position of Fund and safety of means of reserves of guaranteeing, exclusive, but possible events which can exert impact on activities of Fund;

6) risk – possibility of emergence of the circumstances causing uncertainty or impossibility of receipt of the expected results of activities of Fund, emergence of expenses (losses) on own assets and reserves of guaranteeing;

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