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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 March 1, 2010 No. 28

About approval of the regulatory legal acts regulating the organization and implementation of activities for compulsory insurance of civil employer's liability for damnification of life and to health of the worker in case of execution of labor (office) obligations by it

(as amended on 26-01-2021)

For the purpose of implementation of the Law of the Republic of Kazakhstan of December 30, 2009 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning compulsory and mutual insurance, the taxation" the 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:

1)  No. 93 Is excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 27.05.2015

2) Rules of calculation of annuity payments for the agreement of annuity and about requirements to the agreement of annuity and to the admissible expense level of the insurer on conducting case on the signed agreements of annuity according to appendix 2 to this resolution.

2. This resolution becomes effective after ten calendar days after day of its first official publication, except for the subitem 1) of Item 1 of this resolution which becomes effective since January 1, 2011.

3. After six months after the first official publication of the Law of the Republic of Kazakhstan of December 30, 2009 "About modification and amendments in some legal acts of the Republic of Kazakhstan concerning compulsory and mutual insurance, the taxation" in all text of this resolution of the word "civil employer's liability for damnification of life and to health of the worker in case of execution of labor (office) obligations by it" shall be replaced with words "the worker from accidents in case of execution of labor (office) obligations by it".

4. To department of supervision of subjects of the insurance market and other financial organizations (Karakulov D. Sh.):

1) together with Legal department (Sarsenova N. C) 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, National Bank of the Republic of Kazakhstan, the insurance (reinsurance) organizations, actuaries, Public association "Society of actuaries of Kazakhstan" and Consolidation of legal entities "Association of financiers of Kazakhstan".

5. To service of the Chairman of the Agency to take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

6. To impose control of execution of this resolution on the vice-chairman of the Agency Aldambergen A. U.

Chairman

E.Bakhmutova

Appendix No. 1

to 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 March 1, 2010 No. 28

Rules of application of coefficients of the allowance when calculating the insurance premium which is subject to payment under the agreement of compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it

Are excluded according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 27.05.2015 No. 93

Appendix No. 2

to 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 March 1, 2010 No. 28

Rules of calculation of annuity payments for the agreement of annuity and about requirements to the agreement of annuity and to the admissible expense level of the insurer on conducting case on the signed agreements of annuity

These rules are developed according to the Law of the Republic of Kazakhstan of February 7, 2005 "About compulsory insurance of the worker from accidents in case of execution of labor (office) obligations by it" (further - the Law) and determine procedure of payments of annuity payments by the contract of annuity and the requirement to the agreement of annuity and the admissible expense level of the insurer for conducting case on the signed agreements of annuity.

Requirements of these rules extend to insurance companies and branches of the insurance nonresident organizations of the Republic of Kazakhstan (further - the insurer).

1. The amount of annuity payments is determined by the agreement of annuity according to Item 3 of article 23 of the Law.

2. For calculation of cost of annuity payments the factor of current value under agreements of annuity is used.

3. The factor of current value is determined as the amount of works of indicator(s) of survival of the conclusion of the agreement of annuity insured against age for date to age of receipt of annuity payments in year and the discounting factor in the corresponding degree. The discounting factor is equal to inverse value from the amount of effective interest rate of the profitability used for calculation of cost of annuity payments, and 1.

4. In case of cost determination of annuity payments in factor of current value indexation of annuity payment in proportion to the predicted rate of inflation by adjustment of each forecast increase composed on the size which is determined by the actuary of insurance company having the license for implementation of actuarial activities in the insurance market is considered. Forecast increase is determined by the actuary on the basis of statistical data by inflation and constitutes at least maximum of average values of the actual and forecast rates of inflation for the last 15 years taking into account risk of change of economic indicators.

5. Calculation of cost of annuity payments is made on the basis of data on death rate of the population, the predicted rate of inflation and the size of interest return rate taking into account terms of the contract of annuity.

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