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The document ceased to be valid since  July 13, 2014 according to Item 3 of the Resolution of Board of National Bank of the Republic of Kazakhstan of May 6, 2014 No. 76

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 April 30, 2010 No. 61

About approval of Requirements to forming, method of calculation of insurance reserves and their structure, forms and term of submission of the reporting under insurance reserves

For the purpose of implementation of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" 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) Requirements to forming, method of calculation of insurance reserves and their structure (further - Requirements), according to appendix 1 to this resolution;

2) forms of the reporting under insurance reserves according to appendix 2 to this resolution.

2. Establish for the insurance (reinsurance) organizations submission of information to the Agency no later than 18:00 hours of time of the city of Astana of the fifth working day of the month following for reporting in the Microsoft Office Excel format on the electronic medium providing not adjustability of the represented data:

quarterly according to appendices 3, 4, 5 to this resolution;

monthly according to appendix 2 to this resolution.

3. This resolution becomes effective since January 1, 2011.

4. Recognize invalid regulatory legal acts according to appendix 6 to this resolution.

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

1) together with Legal department (Sarsenov N. V.) 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, Consolidation of legal entities "Association of financiers of Kazakhstan".

6. 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.

7. To impose control of 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 April 30, 2010 No. 61

Requirements to forming, method of calculation of insurance reserves and their structure

These Requirements are developed according to Item 3 of article 47 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and establish requirements to forming, method of calculation of insurance reserves and their structure.

Chapter 1. General provisions

1. For the purposes of these Requirements the following basic concepts are used:

1) actuarial methods - the economic-mathematical methods of calculations applied by the actuary when calculating insurance reserves;

2) settlement date - date for which calculation of insurance reserves is made;

3) the specified expected cost - the expected (probable) cost of insurance premiums (insurance premiums) either insurance payments, or expenses calculated (discounted) taking into account interest rate and 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) with use of the tables containing probabilities of approach of death, disability, disease and the sizes connected with the forthcoming life expectancy of persons men's and (or) female (daleetablitsa of death rate, incidence, disability) calculated on their basis;

4) net - award (net - fees in case of payment by installments) - the amount of money estimated by the actuary on the basis of actuarial methods 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;

5) sheet year - the period between start date of effective period and expiry date of the policy;

6) reserve basis - set of the parameter values influencing the size of insurance reserves according to life insurance contracts and annuity insurance;

7) not settled loss - the declared requirement to the insurance (reinsurance) organization on implementation of insurance payment:

according to the insurance contract (reinsurance) according to which insurance payment was not performed or performed not in full;

in case of return of insurance premium as a result of agreement cancelation of insurance (reinsurance);

8) the overcautious person's share in insurance reserves - part of obligations of the overcautious person according to the insurance contract (reinsurance) for settlement date, except for the obligations connected with payment to the assignor of commission fee for the insurance contract (reinsurance);

9) insurance premium - the added insurance premium to obtaining from the insurer (reinsurer) according to the insurance contract (reinsurance);

10) net signed insurance premiums - the awards accepted by the insurer to accounting in polydream to year (to award without the overcautious person's share) irrespective of, are received or are not received they actually;

11) net insurance premium - insurance premium without the overcautious person's share;

12) the earned insurance premium - the insurance premium added in the accounting period, increased by the size of reserve of not earned premium for the beginning of the accounting period and reduced by the size of reserve of not earned premium for the end of the same period;

13) not earned insurance premium - the part of insurance premium relating to the period of action of insurance protection according to the insurance contract (reinsurance) following settlement date;

14) tariff basis - set of the parameter values influencing the size of insurance rates according to life insurance contracts and annuity insurance;

15) authorized body - state body exercising regulation and supervision of the financial market and the financial organizations.

Chapter 2. Requirements to information necessary for calculation of insurance reserves

2. Insurance reserves are created by the insurance (reinsurance) organization separately according to each insurance contract (reinsurance) and on each class of insurance, depending on type of insurance reserve. Calculation of insurance reserves is made taking into account amount of obligations assumed by the insurance (reinsurance) organization on all to the signed insurance contracts (reinsurance) regardless of the subsequent risks reinsurance.

3. The insurance (reinsurance) organization perfroms calculation of insurance reserves on the basis of information containing in:

1) the register of current agreements of insurance and agreements accepted in reinsurance;

2) register of the agreements transferred to reinsurance;

3) register of losses and ahead of schedule stopped insurance contracts (reinsurance).

Magazines are kept in electronic form according to appendix 1 to these Requirements.

Chapter 3. Structure of insurance reserves

4. Required insurance reserves for forming by the insurance (reinsurance) organization, include:

1) reserve of not earned premiums (further - RNP) - the part of the added insurance premium (fees) according to the insurance contract (reinsurance) relating to the period of validity following settlement date (not earned premium) intended for obligation fulfillment on ensuring the forthcoming payments which can arise in the next accounting periods;

2) reserve of unforeseen risks (further - RNR) - the insurance reserve created in case of insufficiency of RNP for covering of insurance payments and expenses on settlement of insurance losses;

3) reserve of not occurred losses (further - RNU) - obligations of the insurance (reinsurance) organization on implementation of insurance payments for insured events which did not occur for settlement date, but can happen in the future during validity of insurance (reinsurance).

4) reserves of losses:

the reserve occurred, but unclaimed losses (further - the Russian Party of People's Administration) is assessment of obligations of the insurance (reinsurance) organization on implementation of insurance payments, including expenses on settlement of the losses which arose in connection with the insured events which occurred in reporting or the periods preceding it which approach fact in the procedure determined by the law or the agreement it is not told the insurance (reinsurance) organization in reporting or the periods preceding it;

the reserve of the declared, but not settled losses (further - RZNU) is assessment of the unexecuted or fulfilled not completely on reporting date obligations of the insurance (reinsurance) organization on implementation of insurance payments, including expenses on settlement of losses. Expenses on settlement of insurance losses - cash amount, necessary for the insurance (reinsurance) organization for payment of the expert, consulting or other services connected with assessment of the size and decrease in damage (harm) caused to valuable interests of the insurer, which arose in connection with insured events;

5) the stabilization reserve (further - SR) - is assessment of obligations of the insurance (reinsurance) organization, connected with implementation of future insurance payments in case of excess of the coefficient characterizing unprofitability of insurance company taking into account the overcautious person's share over its average value. The coefficient characterizing unprofitability of insurance company taking into account the overcautious person's share (further - the coefficient characterizing unprofitability) is determined according to the Rules of calculation of the coefficients characterizing unprofitability of the insurance (reinsurance) organization, 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 March 25, 2006 No. 83 (registered in the Register of state registration of regulatory legal acts at No. 4218).

5. In case of origin for settlement date of additional risks according to the signed insurance contracts (reinsurance), the insurance reserves which are not provided when forming for prior settlement dates, the insurance (reinsurance) organization creates additional reserves on the basis of the corresponding actuarial conclusion constituted by the actuary.

6. The insurance reserves having negative value accept value zero.

Chapter 4. Industry "general insurance"

Calculation of RNP, RNR, Russian Party of People's Administration, RZNU, SR

7. Calculation of RNP is made separately according to each insurance contract.

8. For calculation of size RNP the proportion method is used.

9. RNP is determined by method of proportion by summing of the not earned premiums calculated under each agreement.

Not earned premium is determined by method of proportion by each agreement as the work of insurance premium under the contract for the relation of the duration of the agreement, unexpired on reporting date (in days) to all duration of the agreement (in days):

Формула 1 к Пост. Правл. агент. по рег. фин.рынка от 30.04.10 №61

where:

The joint venture - insurance premium;

T1 - the number of days during which insurance protection according to the insurance contract (reinsurance) is effective;

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