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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of February 24, 2012 No. 99

About approval of Requirements to risk management system and internal control of insurance group

(In edition of the Resolution of Board of National Bank of the Republic of Kazakhstan of 30.05.2016 No. 127)

According to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Requirements to risk management system and internal control of insurance group.

2. To the insurance holdings, the insurance (reinsurance) organizations entering into insurance group as the parent organization till January 1, 2013 to give the risk management systems and internal control in insurance group in compliance with requirements of this resolution.

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

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of February 24, 2012 No. 99

Requirements to risk management system and internal control of insurance group

These Requirements to risk management system and internal control of insurance group (further - Requirements) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" for the purpose of determination of requirements to forming in insurance group of the corresponding risk management systems and internal control providing powers and functional obligations on risk management and internal control in insurance holding, the insurance (reinsurance) organization (further the Organization), and also the affiliated organizations of the Organization and (or) the organizations in which the insurance holding and (or) its affiliated organizations have considerable equity participation (further - members of insurance group).

1. General provisions

1. The board of directors (for economic partnerships - general meeting of participants) provides to the Organization compliance of risk management systems and internal control in insurance group according to Requirements and creates conditions for execution by the Organization and members of insurance group of the obligations assigned to them in the field of risk management and implementation of internal control.

2. Risk management and internal control in insurance group is provided by means of the internal documents approved by the board of directors (general meeting of participants) of the Organization and determining procedure, procedures, requirements, the purposes, the principles and methods of functioning of risk management systems and internal control (daleevnutrenny documents).

Internal documents determine:

main objectives and activities of insurance group;

forecast values of financial and other performance of activities of insurance group;

risk management policy in insurance group;

regulations on organizational and functional management structure;

policy on appointments and remunerations of leading employees;

regulations on terms and forms of provision of the management reporting;

regulations on the organization of internal control system and service of internal audit.

3. Board of directors (general meeting of participants) of the Organization:

provides availability, integrity and functionality of risk management systems and internal control in insurance group, internal documents and creates conditions for execution by all members of insurance group of the obligations in the field of internal control, and also provides functional and organizational independence of service of internal audit;

performs monitoring of risk management and internal control based on the reporting under risks and key indicators, identification, assessment, control and monitoring of all types of risks to which the insurance group is subject.

4. For the purpose of forming of risk management systems and internal

control in the Organization are created division on risk management and service of internal audit.

The obligation on implementation of risk management and internal control, and also observance of provisions of internal documents extends to all members of insurance group.

The organization represents to National Bank of the Republic of Kazakhstan (further - authorized body) till January 15 of the year following after accounting year, the annual statement according to accomplishment of criteria of Requirements containing:

independent assessment of conformity to Requirements for form, according to appendix to Requirements;

written explanation with appendix of the actions plan on elimination of discrepancies, specifying of responsible persons and completion dates of actions, in case of detection of discrepancies to certain criterion of the requirement (certain criteria of requirements).

2. Risk management system of insurance group

5. Risk management process of insurance group includes the following stages:

1) risk identification:

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