Document from CIS Legislation database © 2003-2022 SojuzPravoInform LLC

The document ceased to be valid since  October 1, 2018 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 190

THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND FINANCIAL INSTITUTIONS

of September 3, 2010 No. 134

About approval of Rules of participation of the insurer in investments or profit of insurance company

For the purpose of realization of Item 5 of article 12 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 financial institutions (further - the Agency) DECIDES:

1. Approve the enclosed Rules of participation of the insurer in investments or profit of insurance company.

2. Recognize invalid the following regulatory legal acts:

2) Item 7 of appendix to the resolution of Board of the Agency of March 29, 2010 No. 49 "About entering of amendments and changes into some regulatory legal acts of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions" (registered in the Register of state registration of regulatory legal acts at No. 6204).

3. To the insurance companies performing activities for the conclusion of insurance contracts which conditions provide participation of the insurer in investments or profit of insurance company to bring the activities into accord with requirements of this resolution within thirty calendar days from the date of introduction it in action.

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

5. To department of supervision of subjects of the insurance market and other financial institutions (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, the insurance (reinsurance) organizations and 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

 

Approved by the resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and financial institutions of September 3, 2010 No. 134

Rules of participation of the insurer in investments or profit of insurance company

Chapter 1. General provisions

1. These rules are developed according to Item 5 of article 12 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law on insurance activity) and determine procedure and features of participation of the insurer in investments or profit of insurance company, and also the requirement to contents of the insurance contract providing condition of participation of the insurer in investments or profit of insurance company.

2. For the purposes of these rules the following basic concepts are used:

1) factor of current value - the amount of works of indicators of survival of the insurer from age for settlement date of annuity to age of receipt of insurance payments in year and the discounting factor in the corresponding degree, equal to inverse value from the amount of effective interest rate of the profitability used for calculation of the amount of insurance payments, and 1;

2) investment risk - the risk connected with investment of assets of internal reserve fund;

3) fund - the amount of money which is part of internal reserve fund and invested according to the investment declaration;

4) unit of fund - the share of fund used for the characteristic of change in value of fund as a result of investment management;

5) frequency of the policy - the date (number and month) having for action of insurance protection for every year which matches with date (number and month) release of the insurance policy;

6) risk insurance premium - the part of insurance premium specified in the insurance policy covering risk of death of the insurer, administrative expenses of insurance company;

7) accumulated portion of insurance premium - the part of insurance premium specified in the insurance policy deducted in internal reserve fund;

8) internal reserve fund - the amount of money created by insurance company at the expense of part of the insurance premiums got from insurers for the purposes of investment and the income (losses) received from their investment taking into account the expenses of insurance company incurred as a result of their management;

9) internal procedure - the document of insurance company which regulates conditions and procedure for participation of the insurer in funds, and also procedure for forming of funds;

10) the investment declaration - the document determining the list of investment objects, the purposes, strategy, conditions and restrictions of investing activities on assets of fund, condition of hedging and asset diversification of fund;

11) the managing director of investment portfolio - the professional participant of the security market performing on its own behalf in interests and for customer account activities for management of objects of the civil laws.

Chapter 2. The life insurance contract with participation of the insurer in investments of insurance company

3. The insurance company to the conclusion of the life insurance contract with participation of the insurer in investments of insurance company represents for acquaintance to the insurer:

1) copy of these rules;

2) copy of rules of insurance;

3) name of the managing director of investment portfolio;

4) name and type of investment fund;

5) the copy of the investment declaration on the basis of which the fund is created;

6) current value of unit of fund;

7) the data on the amount of remunerations of insurance company managing investment portfolio and (or) joint-stock investment fund.

4. The insurer according to internal procedure for insurance company chooses fund in which he participates in investments.

The insurance company develops one or several funds.

The insurer can participate in several funds at the same time.

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.