ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of August 5, 2009 No. 500

About approval of the Regulations on procedure of payments of standard rates contribution to insurance (technical) reserves of insurance companies of the Kyrgyz Republic

According to the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve the enclosed Regulations on procedure of payments of standard rates of contributions to insurance (technical) reserves of insurance companies of the Kyrgyz Republic.

2. To service of supervision and regulation of the financial market of the Kyrgyz Republic in accordance with the established procedure:

- bring the decisions into accord with this resolution;

- submit the corresponding regulatory legal acts following from this resolution for consideration of the Government of the Kyrgyz Republic.

3. This resolution becomes effective after 15 days from the date of official publication.

4. To impose control over the implementation of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

Approved by the Order of the Government of the Kyrgyz Republic of August 5, 2009 No. 500

Regulations on procedure of payments of standard rates of contributions to insurance (technical) reserves of insurance organization of the Kyrgyz Republic

This Regulations on procedure of payments of standard rates of contributions to insurance (technical) reserves of insurance companies of the Kyrgyz Republic (further - the Provision) are developed according to Item 2 of article 19 of the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" and determine structure of insurance (technical) reserves, procedure of payments of standard rates of contributions to insurance (technical) reserves of insurance companies.

1. The basic concepts used in this Provision

1. For the purposes of this provision the following basic concepts are used:

the actuary - the physical person performing the activities connected with carrying out to economy based on the license of authorized body - mathematical payment of the sizes of obligations, rates of insurance premiums under insurance contracts and reinsurance, and also making assessment of profitability and profitability of the types of insurance of the insurance (reinsurance) organization which are carried out and planned to carrying out for the purpose of ensuring necessary level of solvency and financial stability of the insurance (reinsurance) organization;

basic insurance premium - insurance premium, minus the added commission fee for rendering intermediary services in the conclusion of insurance contracts (reinsurance), in the amount of, not exceeding 15 percent from insurance premium, and taxes (assignments) according to the legislation of the Kyrgyz Republic;

settlement date - date for which calculation of contributions to insurance (technical) reserves is made;

not earned insurance premium - the part of the added insurance premium (fees) under the agreement relating to validity period which is going beyond the accounting period, intended for obligation fulfillment on ensuring the forthcoming payments which can arise in the next accounting periods;

net - award (net - fees in case of payment by installments) - the amount of money estimated by the actuary which is subject to payment of the insurance (reinsurance) organization for adoption of obligations by it only on implementation of insurance payments without covering of other expenses of the insurance (reinsurance) organization;

not settled claim - the declared requirement to insurance company on implementation of insurance payment according to the insurance contract (reinsurance) on which insurance payment was not performed or performed not in full;

the specified expected cost - the expected (probable) cost of insurance premiums (fees) either insurance payments, or expenses calculated taking into account period of time between settlement date and receipt date of insurance premium (fees) or date of implementation of insurance payment for the insurance contract (reinsurance);

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