ORDER OF THE MINISTER OF TRADE AND INTEGRATION OF THE REPUBLIC OF KAZAKHSTAN

of March 29, 2024 No. 160-HK

About approval of Rules of forming of risk management system and internal control, and also forming of reserves and carrying out on them actuarial calculations for Export credit agency of Kazakhstan

According to subitem 10-3) of article 7 of the Law of the Republic of Kazakhstan "On regulation of trading activity" PRIKAZYVAYU:

1. Approve the enclosed Rules of forming of risk management system and internal control, and also forming of reserves and carrying out by them actuarial calculations for Export credit agency of Kazakhstan.

2. To provide to department of promotion of export of the Ministry of Trade and integration of the Republic of Kazakhstan in the procedure established by the legislation:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this order on Internet resource of the Ministry of Trade and integration of the Republic of Kazakhstan.

3. To impose control of execution of this order on the supervising vice-Minister of Trade and integration of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days after day of its first official publication.

Approved by the Order of the Minister of Trade and integration of the Republic of Kazakhstan of March 29, 2024 No. 160-HK

Rules of forming of risk management system and internal control, and also forming of reserves and carrying out on them actuarial calculations for Export credit agency of Kazakhstan

Chapter 1. General provisions

1. These rules of forming of risk management system and internal control, and also forming of reserves and carrying out according to them actuarial calculations (further - Rules) are developed for Export credit agency of Kazakhstan according to subitem 10-3) of article 7 of the Law of the Republic of Kazakhstan "On regulation of trading activity" and determine procedure for forming of risk management system and internal control, and also forming of reserves and carrying out by them actuarial calculations for Export credit agency of Kazakhstan (further - EKA).

Chapter 2. Forming of system risk management and internal control

2. The board of directors and Board of EKA provide availability of adequate risk management system and internal control and create conditions for execution by employees of EKA of the obligations in the field of risk management and internal control.

3. The board of directors of EKA for the purposes to risk management and internal control makes the decision on creation of collegiate organs concerning underwriting, asset-liability management, settlement of insured and warranty events.

The procedure for activities of collegiate organs and its structure are determined by the Board of directors of EKA.

Members of collegiate organs:

1) without delay notify the Chairman and the Secretary of collegiate organ, on emergence of conflict of interest at them on questions which are considered by collegiate organ or about possibility of such conflict including and the basis for its origin as soon as they knows of it;

2) abstain from actions and do not allow situations which will bring or are potentially capable to lead to emergence of the conflict between their interests (or the related persons) and interests of EKA;

3) abstain from vote on questions on which members have personal interest;

4) take measures for prevention and settlement of conflicting interests according to the legislation of the Republic of Kazakhstan and internal documents EKA.

4. The main functions of collegiate organ concerning underwriting are:

1) decision making according to the conclusion of agreements of voluntary insurance, reinsurance, guaranteeing, within the limits set by the Board of directors of EKA;

2) determination of the list of the main and additional terms included in agreements of voluntary insurance, reinsurance, guaranteeing within the limits set by the Board of directors of EKA;

3) decision making about deduction, cancellation or change of the amount of penalties, within the signed agreements of voluntary insurance, reinsurance and guaranteeing;

4) decision making on provision of soglasiya on change of credit and mortgage documentation, within the signed agreements of voluntary insurance, reinsurance and guaranteeing;

5) establishment of categories of the countries on internal classification of EKA, for use when calculating insurance or reinsurance rate, or amount of remuneration in case of provision of guarantees;

6) consideration of monitoring reports, analytical reports and reviews, recommendations of structural divisions concerning insurance and reinsurance activity, guaranteeing;

6-1) decision making about return/reversal of earlier got insurance premiums;

7) decision making on other questions, the concerning insurance and reinsurance activity, activities for guaranteeing and management of insurance portfolio and portfolio of the guarantees issued which are not contradicting the legislation of the Republic of Kazakhstan, the Charter and internal documents EKA.

5. The main functions of collegiate organ concerning asset-liability management are:

1) adoption of investment decisions of EKA;

2) No. 334-HK is excluded according to the Order of the Minister of Trade and integration of the Republic of Kazakhstan of 26.11.2025;

3) decision making on implementation of insurance and warranty payments, within the limits approved by the Board of directors of EKA;

4) decision making on establishment over the maximum limits on banks partners (partners);

5) consideration and provision of recommendations regarding the credits, financial aid and the guarantees issued to EKA and also on loan financing of EKA;

6) consideration of financial analysis of banks, partners, issuers of securities;

7) acceptance the decision at the choice of broker/dealer/custodian according to internal documents EKA;

8) decision making on other questions, concerning asset management and obligations of EKA which are not contradicting the legislation of the Republic of Kazakhstan, the Charter and internal documents EKA.

6. The main functions of collegiate organ concerning settlement of insured and warranty events are:

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