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

of June 7, 2023 No. 45

About approval of the standard agreement of retirement annuity, establishment of the Method of calculation of insurance premium and insurance payment from insurance company under the contract of retirement annuity, admissible expense level of insurance company for conducting case on the signed agreements of retirement annuity, and also rate of indexation of insurance payment

1. Approve the Standard agreement of retirement annuity according to appendix 1 to this resolution.

2. Establish the Method of calculation of insurance premium and insurance payment from insurance company for the agreement of retirement annuity according to appendix 2 to this resolution.

3. Establish:

1) the admissible expense level of insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan on conducting case on the signed agreements of retirement annuity in the amount of no more 1,5 (one and a half) percent from the size of insurance premium and 3 (three) percent from each insurance payment;

2) rate of indexation of insurance payment in the amount of at least 7 (seven) percent.

4. Recognize invalid some regulatory legal acts of the Republic of Kazakhstan, and also separate structural elements of regulatory legal acts of the Republic of Kazakhstan according to the list according to appendix 3 to this resolution.

5. To provide to department of the insurance market and actuarial calculations in the procedure established by the legislation:

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.

6. 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.

7. This resolution becomes effective since July 1, 2023 and is subject to official publication.

Appendix 1

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of June 7, 2023 No. 45

Standard agreement of retirement annuity
No. ______________ "___" ________ 20 ___ years

Insurance company or branch of the insurance nonresident organization

Republic of Kazakhstan ________________________________________________,
                                              (full name and location

____________________________________________________________________

insurance company or branch of the insurance nonresident organization

The Republic of Kazakhstan) referred to as further "Insurer" on behalf of

____________________________________________________________________,
               (position, surname, name, middle name (in case of its availability)

acting on the basis of the Charter (Provision), the License for the right

implementation of insurance activity on industry "life insurance" on

to the class "pension annuity insurance" from "___" _______ 20 ___ years

No. ___, issued by authorized body on regulation, control and

to supervision of the financial market and financial organizations, and Rules of insurance

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