ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of August 1, 2012 No. 525

About approval of the Regulations on the qualification requirements imposed to officials of the insurance (reinsurance) organization

According to the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Regulations on the qualification requirements imposed to officials of the insurance (reinsurance) organization according to appendix.

2. Strakhov (reinsurance) organizations in two-month time to bring the activities into accord with requirements of the Provision approved by this resolution.

3. To public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic to take the organizational and other measures following from this resolution.

4. To impose control of execution of this resolution on department of finance of Government office of the Kyrgyz Republic.

5. This resolution becomes effective after thirty days from the date of official publication.

Appendix

Approved by the Order of the Government of the Kyrgyz Republic of August 1, 2012 No. 525

Regulations on the qualification requirements imposed to officials of the insurance (reinsurance) organization

1. General provisions

1. This Provision establishes the qualification requirements imposed to officials of the insurance (reinsurance) organization for the purpose of compliance to their level of competence, qualification and conscientiousness for accomplishment of the obligations and tasks.

2. Officials of the insurance (reinsurance) organization

2. Officials of the insurance (reinsurance) organizations are:

- head individual or collegiate executive body;

- members of collegiate executive body;

- chief accountant and internal auditor.

3. For implementation of insurance activity in the territory of the Kyrgyz Republic and execution of the functional obligations officials of the insurance (reinsurance) organizations need to undergo in authorized state body of management on insurance supervision of the Kyrgyz Republic (further - authorized body) coordination on compliance to the qualification requirements established by this Provision.

Coordination is carried out in the following cases:

- for receipt of the license for the right of implementation of insurance activity, for the newly created insurance (reinsurance) organizations;

- in case of change of list of officials of the insurance (reinsurance) organizations.

3. The main qualification requirements imposed to officials of the insurance (reinsurance) organization

4. Officials of the insurance (reinsurance) organization shall have the higher education, competence, experience and length of service.

5. Officials of the insurance (reinsurance) organization shall have the higher education recognized in the Kyrgyz Republic. The secondary special education for the chief accountant is allowed, but at the same time the work experience in the specialty - is surely considered at least three years.

6. Qualification requirements to years of service and work experience of officials of the insurance (reinsurance) organizations:

- the head individual or collegiate executive body shall have length of service at least three years in insurance companies, financial credit institutes or in public service according to Item 7 of this provision, including on executive positions at least two years;

- members of collegiate executive body shall have length of service at least two years in the insurance (reinsurance) organizations or have length of service at least three years in financial credit institutes or in public service according to Item 7 of this provision;

- the chief accountant shall have length of service at least two years as the accountant in the sphere of insurance activity, or at least three years as the accountant in financial credit institutes, or at least five years as the chief accountant;

- the internal auditor shall have length of service at least two years as the chief accountant, the internal auditor of the insurance (reinsurance) organization either financial credit institutes, or public institution;

- the working life determined by this Item does not join the work in divisions of the financial organization connected with ensuring its safety, implementation of administrative activities, development of information technologies (except for the division manager of development of information technologies);

- on representation (recommendation) of the Chairman of the Cabinet of Ministers of the Kyrgyz Republic on the candidate for position of the head of governing body and the deputy manager of executive body of the insurance (reinsurance) organization in whom the state directly or indirectly owns more pyatidesyatyyu percent of placed shares the years of service provided by this Item are not required.

4. The restrictions shown to officials of the insurance (reinsurance) organization

7. The official of the insurance (reinsurance) organization it cannot be elected person (is designated):

- not having higher education;

- recognized as the judgment incapacitated or who the judgment is forbidden to hold the positions specified in Item 2 this provision or to be engaged in insurance activity;

- having criminal record for making of crimes in the sphere of economy which is not extinguished according to the penal legislation of the Kyrgyz Republic;

- earlier holding executive position in the insurance (reinsurance) organization on which the authorized state body of management on insurance supervision of the Kyrgyz Republic made the decision on appointment of temporary administration on management of insurance company on the bases which are directly connected with activities of this person. The specified requirement is applied within five years after acceptance date of the relevant decision;

- earlier holding executive position, being the chief accountant and the internal auditor of the insurance (reinsurance) organization, bankrupt declared forcibly or the involuntary liquidation which is in process, and the having confirmation, witnessing that its action (failure to act) led to cancellation of the license at the insurance (reinsurance) organization. The specified requirement is applied within five years after acceptance date of the relevant decision;

- not having the working life established by this Item:

in international financial institutions;

and (or) in the sphere of regulation, control and supervision of the financial market and the financial organizations;

and (or) in the sphere of provision of financial services;

and (or) on carrying out audit of the financial organizations;

and (or) in the sphere of regulation of services in carrying out audit of the financial organizations;

and (or) in software development sphere, used for automation of activities of the financial organizations;

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