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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. 29

About approval of the regulatory legal acts regulating activities of societies of mutual insurance

(The last edition from 28-01-2017)

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. 129 voided according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 17.07.2015

2) Rules and the amount of investment of assets of societies of mutual insurance according to appendix 2 to this resolution;

3) the Instruction about requirements to forming, method of calculation of insurance reserves of societies of mutual insurance and their structure according to appendix 3 to this resolution.

2. This resolution becomes effective after ten calendar days after day of its first official publication.

3. 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 it to the attention of the interested divisions of the Agency, Consolidation of legal entities "The association of financiers of Kazakhstan" and societies of mutual insurance.

4. To service of the Chairman of the Agency (Kenzhe A. A.) take measures for publication of this resolution in mass media of the Republic of Kazakhstan.

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

Chairman

E.Bakhmutova

Appendix 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. 29

Rules of submission of the reporting by societies of mutual insurance

Voided according to the Resolution of Board of National Bank of the Republic of Kazakhstan of 17.07.2015 No. 129

Appendix 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. 29

Rules and amount of investment of assets of societies of mutual insurance

These rules and the amount of investment of assets of societies of mutual insurance are developed according to the subitem 4) of article 5 of the Law of the Republic of Kazakhstan of July 5, 2006 "About mutual insurance" and establish procedure and the amount of investment of assets of societies of mutual insurance (further - Society).

Chapter 1. General provisions

1. Main objectives of investment of assets of Society are:

1) safety of assets of Society and their increase;

2) maintenance of sufficient level of liquidity of assets of Society;

3) ensuring profitability of assets of Society in case of low risk level.

2. Society performs investment of assets independently or transfers assets of Society partially or completely in investment management to the managing director of investment portfolio.

Chapter 2. Procedure for investment of assets of Society

3. Transactions of Society with securities in the secondary market are made by Society in the organized market of securities, except for implementation of the securities subjected by stock exchange to delisting.

4. The transactions of purchase and sale of securities made in the organized market of securities with participation of assets of Society consist by method of open tenderings.

5. Bargains "the return" are concluded by repo with the financial instruments permitted to acquisition for the asset account of Society for the term of no more than thirty days and only automatic method.

6. If as a result of any circumstances the structure of portfolio of the financial instruments acquired for the asset account of Society does not conform to the requirements established by these rules, Society without delay stops the placement of assets aggravating it discrepancy.

7. In case of delisting of the debt security by stock exchange (which does not have the minimum level of rating assessment) or lowerings of the credit rating of the debt security are lower than the minimum level, Society realizes such securities within one year from the date of approach of the above-stated event.

8. In addition to rating estimates of the Standard & Poor agency "s authorized body on regulation, control and supervision of the financial market and the financial organizations are also recognized rating estimates of the Moody agencies" to s Investors Service, Fitch, A.M. Best and their affiliated rating organizations (further - other rating agencies).

9. Society performs placement of insurance reserves in the following financial instruments:

1) deposits and money on current accounts in banks of the second level of the Republic of Kazakhstan in case of compliance to one of the following conditions:

banks have long-term credit rating not below "VV-" on the international scale of the Standard&Poor s agency, or rating assessment of similar level of one of other rating agencies, or rating assessment not below "kzBB" on national scale of the Standard & Poor's agency;

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