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

of September 25, 2004 No. 274

About approval of Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount, and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers

(as amended on 12-02-2021)

For the purpose of enhancement of the regulatory legal acts regulating activities of the insurance companies performing activities in industry "life insurance", Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers.

2. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

3. To department of supervision of subjects of the insurance market and other financial organizations (Karimullin A. A.):

1) together with Legal department (Baysynov M. B.) to take measures to state registration in the Ministry of Justice of the Republic of Kazakhstan of this resolution;

2) in ten-day time from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan to bring this resolution to the attention of the interested divisions of the Agency, the insurance (reinsurance) organizations.

4. To department on ensuring activities of the Agency (Nesipbayev P.P.) provide the publication of this resolution in mass media of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency Dosmukametov K. M.

Chairman

B. Zhamishev

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of September 25, 2004 No. 274

Rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers

These rules of issue by the insurance company performing activities for accumulative insurance, loans to the insurers and calculation of the redemption amount and also procedure and conditions of provision of services by the branch of the insurance (reinsurance) nonresident organization of the Republic of Kazakhstan performing activities for accumulative insurance, for issue by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers are developed according to the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity", of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations" and establish procedure and conditions of issue by the insurance company performing activities for accumulative insurance, except for Islamic insurance company, loans to the insurers within the redemption amount, to provision by branch of the insurance nonresident organization of the Republic of Kazakhstan performing activities on accumulative at insurance, except for branch of the Islamic insurance nonresident organization of the Republic of Kazakhstan, service in provision by the insurance nonresident organization of the Republic of Kazakhstan (further – the insurer) loans to the insurers within the redemption amount, and also procedure of payments of the redemption amount.

Chapter 1. Conditions and procedure for provision of loans

1. Activities for provision of loans to insurers the insurance companies having the license of authorized body on regulation, control and supervision of the financial market and the financial organizations (further – authorized body) on the right of implementation of insurance activity on industry perform "life insurance".

The branch of the insurance nonresident organization of the Republic of Kazakhstan, having the license of authorized body for the right of implementation of insurance activity on industry "life insurance", provides services in provision by the insurance nonresident organization of the Republic of Kazakhstan of loans to the insurers within the redemption amount.

2. The insurer grants loans to the insurers under the agreement of accumulative insurance, except for the insurance contract providing condition of participation of the insurer in investments. Loans are granted within the redemption amount calculated according to Chapter 2-1 of these rules.

3. The redemption amount under the agreement of accumulative insurance is ensuring return by the insurer of the obtained loan and covers loan amount and the remuneration added for the period provisions of loan in one year. The term of provision of loan shall not exceed the duration of the agreement of accumulative insurance less actually expired period of its action at the time of the conclusion of the loan agreement.

4. Loans are granted to insurers by the insurer at the remuneration rate, the following size suffices:

the official rate of inflation for the previous financial year or the rate of investment profitability guaranteed under the agreement of accumulative insurance depending on what of sizes is the greatest, plus 2%.

The remuneration rate on loan is specified in the loan agreement at the time of its signing by both parties and remains invariable for the entire period of validity of loan.

5. Provision of loan is performed on any purposes, including in the form of delay on payment of the due insurance premiums under the contract of accumulative insurance for the term determined taking into account loan amount.

6. For receipt of loan the insurer provides to the insurer the following documents:

1) the statement for provision of loan in any form, with indication of the term of its provision and loan amount;

2) copy of the identity document of the insurer;

3) copy of the current agreement of accumulative insurance;

4) other documents upon the demand of the insurer according to the agreement of accumulative insurance.

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