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THE RESOLUTION OF THE STATE FINANCIAL SUPERVISORY AGENCY AND THE REPORTING UNDER THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of December 30, 2006 No. 118

About approval of the Instruction about procedure of payments of insurance (technical) reserves of insurance companies of the Kyrgyz Republic and Provisional rules of placement by insurance companies of insurance (technical) reserves

According to Item 2 of article 19 of the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" for the purpose of ensuring accomplishment by insurance companies of assumed insurance bonds, the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic

decides:

1. Approve the Instruction about procedure of payments of insurance (technical) reserves of insurance companies of the Kyrgyz Republic and Provisional rules of placement by insurance companies of insurance (technical) reserves.

2. To legal department to register this resolution in the Ministry of Justice of the Kyrgyz Republic and to notify the Ministry of Justice of the Kyrgyz Republic on publication source.

3. To department of methodology, monitoring and analysis of development of non-bank financial institutions in ten-day time from the date of state registration in the Ministry of Justice of the Kyrgyz Republic to bring this resolution to the attention of insurance companies.

4. Insurance companies shall bring till July 1, 2007 the assets accepted for covering of insurance (technical) reserves into compliance with the requirements established by Provisional rules of placement by insurance companies of insurance (technical) reserves.

5. Publish this resolution in mass media.

6. To impose control of execution of this resolution on the Deputy director of the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic.

7. This resolution becomes effective after state registration in the Ministry of Justice of the Kyrgyz Republic and official publication.

 

Director Yu.Toychubekov

Approved by the resolution of the State financial supervisory agency and the reporting under the Government of the Kyrgyz Republic of December 30, 2006 No. 118

The instruction about procedure of payments of insurance (technical) reserves of insurance companies of the Kyrgyz Republic

Chapter I. General provisions

1. This Instruction about procedure of payments of insurance (technical) reserves of insurance companies of the Kyrgyz Republic (daleeinstruktion) is developed according to Item 2 of article 19 of the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" and determines structure and procedure of payments of insurance (technical) reserves of insurance companies.

2. For the purposes of this Instruction the following basic concepts are used:

1) basic insurance premium - insurance premium, minus the added commission fee for rendering intermediary services in the conclusion of insurance contracts (reinsurance), in the amount of, not exceeding 15% of insurance premium, and taxes according to the tax legislation of the Kyrgyz Republic;

2) settlement date - date for which calculation of insurance (technical) reserves is made;

3) not earned insurance premium is the part of the added insurance premium (fees) under the agreement relating to validity period which is going beyond the accounting period, intended for obligation fulfillment on ensuring the forthcoming payments which can arise in the next accounting periods;

4) net - award (net - fees in case of payment by installments) - the amount of money estimated by the actuary on the basis of actuarial methods which is subject to payment of the insurance (reinsurance) organization for adoption of obligations by it only on implementation of insurance payments without covering of other expenses of the insurance (reinsurance) organization;

5) not settled claim - the declared requirement to insurance company on implementation of insurance payment according to the insurance contract (reinsurance) on which insurance payment was not performed or performed not in full;

6) the specified expected cost - the expected (probable) cost of insurance premiums (fees) either insurance payments, or expenses calculated taking into account period of time between settlement date and receipt date of insurance premium (fees) or date of implementation of insurance payment for the insurance contract (reinsurance);

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