of July 31, 2001 No. 80
About non-state pension funds in the Kyrgyz Republic
Accepted by General Court of Jogorku Kenesh of the Kyrgyz Republic on June 29, 2001
This Law governs the legal and economic relations concerning creation, functioning, reorganization and liquidation of non-state pension funds in the Kyrgyz Republic and provides realization of constitutional rights of citizens on voluntary additional pension provision.
Operation of this Law does not extend to the relations arising when implementing the state provision of pensions. This Law cannot serve for restriction of the rights to voluntary pension social insurance.
Non-state pension fund (further - fund) - special form of business of non-profit organization of provision of pensions of citizens on voluntary basis.
The non-state pension fund functions irrespective of system of the state provision of pensions and in addition to it.
Exclusive type of activity of fund is voluntary non-state pension provision of physical persons on the basis of pension agreements.
Activities of fund consist in accumulation of pension contributions, accounting of pension liabilities, placement of pension assets for the purpose of their building-up and payment of non-state pensions to receivers.
The investor - the legal entity or physical person performing pension deposits to advantage of the receiver based on the pension agreement.
Diversification - the mandatory requirements on protection of assets of fund consisting in restriction of their placement for the purpose of protection against unreasonable and excessive risks.
Investment revenue - income gained as a result of investment of pension assets.
Pension assets - form of cash assets (money) of fund which is created at the expense of pension deposits and the part of the income from their placement considered on retirement accounts.
Pension contribution - the money deposited by the investor for benefit of the receiver.
The pension agreement - the agreement between fund and the investor for benefit of the receiver according to whom the investor shall make pension contribution and fund shall pay to the receiver non-state pension according to the chosen pension scheme.
Pension accruals - the total amount of pension deposits and investment revenues collected for benefit of the receiver on its retirement account, determining the size of monetary commitments of fund before the receiver.
Rules of fund - the document determining relations, the rights, obligations and responsibility of fund, the investor and receiver of pensions.
The retirement account - method of analytics of movement of pension deposits and pension payments.
Pension scheme - set of the conditions determining procedure for forming of pension accruals and pension payments.
The receiver - the physical person who is the citizen of the Kyrgyz Republic, the foreign citizen or the stateless person to which, owing to the signed pension agreement, shall be made or pension payments are made.
Managing company (further - the managing director) - the legal entity having the license for implementation of management of pension assets of fund based on the agreement signed with fund.
The fund is established by physical persons and/or legal entities in the presence of the authorized capital according to the procedure, established by this Law and other regulatory legal acts of the Kyrgyz Republic.
The fund is legal entity, acts on the basis of the this Law, other regulatory legal acts of the Kyrgyz Republic, the charter and has the right to open the branches in the territory of the Kyrgyz Republic.
The money deposited by founders in the authorized capital and the property intended for authorized activities of fund are property of fund.
The fund answers for the obligations all money and property belonging to it and bears responsibility according to the legislation of the Kyrgyz Republic. The fund does not answer for obligations the state, founders, investors and receivers.
Founders, investors and receivers, and also the state do not bear responsibility according to obligations of fund.
The authorized capital is created at the expense of own means of founders and there shall be at least 50-thousandfold size of settlement indicator which 100 percent shall be brought by money in national currency.
In case of receipt of license for activities on non-state pension provision the authorized capital shall be completely brought.
State registration of fund is performed according to the procedure, established by the legislation of the Kyrgyz Republic.
The fund acquires the right to implementation of authorized activities from the date of receipt of the license. The license is granted by authorized body according to the legislation of the Kyrgyz Republic.
Constituent documents of fund are:
- the charter approved by general meeting of founders of fund;
- the foundation agreement signed by founders of fund and determining procedure for creation of fund.
Shall be reflected in the fund charter:
- the complete and reduced name of fund with obligatory inclusion of words "non-state pension fund" and its legal address;
- subject and purpose of its activities and procedure for its management;
- governing bodies and control, auditing bodies, their competence, procedure for election, response, and also responsibility of officials;
- structure and powers of governing bodies of fund, rates of representation in governing bodies;
- procedure for decision making;
- procedure of control of activities of fund;
- procedure for the reporting of fund;
- procedure for publication of reports;
- procedure for income distribution from placement of pension assets;
- procedure for reorganization and liquidation of fund and distribution of property of fund;
- procedure for modification of constituent documents.
The foundation agreement shall contain data:
- about the name of fund;
- about legal address of fund;
- about object of activity of fund;
- about the list of founders of fund:
physical persons with indication of their surname, name, middle name, year of birth, the address, home and office number;
legal entities with indication of their name, legal address, number and date of state registration and contact telephone numbers;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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The document ceased to be valid since June 20, 2014 according to part three of article 38 of the Law of the Kyrgyz Republic of December 11, 2013 No. 216