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

of September 30, 2025 No. 282-HK

About approval of requirements to forming, method of calculation of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan, their structure

According to subitem 10-4) of article 7 of the Law of the Republic of Kazakhstan "On regulation of trading activity" I ORDER:

1. Approve the enclosed requirements to forming, method of calculation of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan, their structure.

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

1) within five calendar days from the date of signing of this order the direction it electronically in the Kazakh and Russian languages in the Republican state company on the right of economic maintaining "Institute of the legislation and legal information" for official publication and inclusion in Reference control bank of regulatory legal acts 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 chief of staff of the Ministry of Trade and integration of the Republic of Kazakhstan.

4. This order becomes effective since January 1, 2024 and is subject to official publication.

Approved by the order of the Minister of Trade and integration of the Republic of Kazakhstan of September 30, 2025 No. 282-HK

Requirements to forming, method of calculation of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan, their structure

Chapter 1. General provisions

1. These Requirements to forming, method of calculation of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan, their structure (further – Requirements) are developed according to subitem 10-4) of article 7 of the Law of the Republic of Kazakhstan "On regulation of trading activity" (further – the Law) and establish requirements to forming, method of calculation of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan (further – EKA), their structure.

2. In these Requirements the following concepts are used:

1) actuarial methods – the economic-mathematical methods of calculations applied by the actuary when calculating insurance reserves;

2) settlement date – date for which calculation of insurance reserves is made;

3) not earned insurance premium – the part of insurance premium relating to the period of action of insurance protection which remained for settlement date according to the insurance contract (reinsurance);

4) the declared, but not settled loss – the requirement to EKA about approach of insurance event and (or) insured event and (or) about implementation of insurance payment declared by the insurer (insured, the beneficiary) in writing, or according to the procedure, provided by the laws of the Republic of Kazakhstan on obligatory types of insurance and (or) the insurance contract (reinsurance) on which insurance payment was not performed or performed not in full;

5) expenses on settlement of insurance losses – amount of money, necessary EKA 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;

6) insurance event – the event having probability in subsequent to be acknowledged insured event according to the laws of the Republic of Kazakhstan on obligatory types of insurance and (or) the insurance contract (reinsurance);

7) insurance reserves – the obligations of EKA according to insurance contracts (reinsurance) estimated on the basis of actuarial calculations according to Requirements;

8) the overcautious person's share in insurance reserves – part of obligations of the overcautious person according to the insurance contract (reinsurance) for settlement date;

9) insurance premium – insurance premium according to the insurance contract (reinsurance);

10) net insurance premium – insurance premium without the overcautious person's share.

Chapter 2. The requirement to information necessary for calculation of insurance reserves for the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan

3. EKA creates insurance reserves separately according to each insurance contract (reinsurance) and (or) on each class of insurance, and (or) on the loss everyone declared, but not settled, depending on type of insurance reserve, stipulated in Item 4 these Requirements. Calculation of insurance reserves is made taking into account amount of obligations assumed by EKA on all to the signed insurance contracts (reinsurance), regardless of the subsequent risks reinsurance.

The actuary perfroms calculation of insurance reserves on the basis of information containing in the reporting of EKA.

Chapter 3. Structure of insurance reserves according to the insurance contracts, reinsurance concluded by Export credit agency of Kazakhstan

4. The insurance reserves obligatory for forming of EKA, include:

1) reserve of not earned premiums (further – RNP) – 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;

2) reserves of losses:

reserve of the occurred, but not settled losses (further – the Russian Party of People's Administration) – assessment of obligations of EKA 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 which approach fact in the established Civil code of the Republic of Kazakhstan or the agreement procedure does not declare EKA in reporting or the periods preceding it;

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