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

of January 29, 2024 No. 3

About approval of the professional Actuary standard

According to Item 5 of article 5 of the Law of the Republic of Kazakhstan "About professional qualifications" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the professional Actuary standard 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) within five calendar days from the date of adoption of this resolution its direction in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "Institute of the legislation and legal information of the Republic of Kazakhstan" the Ministries of Justice of the Republic of Kazakhstan for official publication and inclusion in Reference control bank of regulatory legal acts 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 official publication of this resolution submission to Legal department of data on execution of the actions provided by subitems 1) and 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 January 29, 2024 No. 3

Professional Actuary standard

Chapter 1. General provisions

1. Scope of the professional standard: the professional Actuary standard is developed according to article 5 of the Law of the Republic of Kazakhstan "About professional qualifications", the Rules of development and (or) updating of professional standards approved by the order of the Minister of Labour and Social Protection of the population of the Republic of Kazakhstan of September 7, 2023 No. 377 (it is registered in the Ministry of Justice of the Republic of Kazakhstan on September 11, 2023 at No. 33401), establishes requirements to skill level and competence, to content, quality and working conditions, and also it is intended for forming of educational programs, including for personnel training, development of materials for certification of workers and graduates of the organizations of education, the solution of wide range of tasks in activities in the financial market. Based on this professional standard of the organization can develop for internal application corporate professional standards for workers with refining of level of professional education, the list of labor functions, knowledge, skills taking into account features of production organization, work and management, their responsibility. The professional Actuary standard is applied to the services rendered by legal entities.

2. In this professional standard the following terms and determinations are applied:

1) the actuary – the physical person who passed examinations in the minimum obligatory training program of actuaries installed by regulatory legal act of authorized body on regulation, control and supervision of the financial market and the financial organizations (further – authorized body);

2) reserve of the declared, but not settled losses – assessment of the unexecuted or fulfilled not completely on reporting date obligations of the insurance (reinsurance) organization on implementation of insurance payments, including expenses on settlement of losses;

3) reserve of not earned premiums – the part of insurance premium (fees) according to the insurance contract (reinsurance) relating to the period of action of insurance protection which remained for settlement date (not earned premium), intended for obligation fulfillment on ensuring the forthcoming payments in case of their origin in the next accounting periods;

4) reserve occurred, but unclaimed losses (further - the Russian Party of People's Administration) – assessment of obligations of the insurance (reinsurance) organization on implementation of insurance payments, including expenses on settlement of the losses which arose in connection with the insured events which occurred in reporting or the periods preceding it about the approach fact which in the procedure established by the law of the Republic of Kazakhstan or the agreement it is not told the insurance (reinsurance) organization in reporting or the periods preceding it;

5) expenses on settlement of insurance losses – amount of money, necessary for the insurance (reinsurance) organization for payment of the expert, consulting or other services connected with assessment of the size and decrease in damage (harm) caused to valuable interests of the insurer, which arose in connection with insured events.

3. In this professional standard the following reducings are applied:

1) NRK – national frame of qualifications;

2) the ORK – industry frame of qualifications;

3) OKED – the general qualifier of types of economic activity;

4) ETKS – single wage rate book;

5) KS - the job evaluation catalog.

Chapter 2. Passport of the professional standard

4. Name of the professional standard: Actuary

5. Code of the professional standard: K66210

6. Instruction of section, the Section, group, class and subclass agrees OKED:

K Financial and insurance activity

66 Auxiliary activities in the sphere of financial services and insurance

66.2 Auxiliary activities for insurance and provision of pensions

66.21 Assessment of insurance risks and losses

66.21.0 Assessment of insurance risks and losses

7. Short description of the professional standard: The actuary covers specialists in the sphere of insurance.

8. List of cards of professions:

1) the Actuary - the 7th ORK level

Chapter 3. Cards of professions

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