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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of December 24, 2012 No. 387

About approval of the Method of calculation of rate of compulsory, additional contributions and contingent obligations, procedure and payment due dates of compulsory, additional and extraordinary contributions, procedure for forming and accounting of contingent obligations by insurance companies - members of Fund of guaranteeing insurance payments

(The last edition from 27-08-2018)

According to the Law of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Method of calculation of rate of compulsory, additional contributions and contingent obligations, procedure and payment due dates of compulsory, additional and extraordinary contributions, procedure for forming and accounting of contingent obligations by insurance companies - members of Fund of guaranteeing insurance payments (further - the Technique).

2. Recognize invalid regulatory legal acts of the Republic of Kazakhstan according to appendix to this resolution.

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

Action of Item 3 of the Technique extends to the legal relationship which arose since January 1, 2012 from the contracts of participation signed according to Item 3 of article 12 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity".

4. To "Fund of Guaranteeing Insurance Payments" joint-stock company (further - Fund) to perform recalculation of the compulsory contributions under agreements of annuity insurance paid by the insurance companies which signed the agreement of participation with Fund since January 1, 2012 taking into account provisions of this Technique, and to credit excessively paid amounts on account of payment by the specified insurance companies of future fees.

Chairman of National Bank

G. Marchenko

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of December 24, 2012 No. 387

Method of calculation of rate of compulsory, additional contributions and contingent obligations, procedure and payment due dates of compulsory, additional and extraordinary contributions, procedure for forming and accounting of contingent obligations by insurance companies - members of Fund of guaranteeing insurance payments

The method of calculation of rate of compulsory, additional contributions and contingent obligations, procedure and payment due dates of compulsory, additional and extraordinary contributions, procedure for forming and accounting of contingent obligations by insurance companies - members of Fund of guaranteeing insurance payments (further - the Technique) are developed according to the Law of the Republic of Kazakhstan of June 3, 2003 "About Fund of guaranteeing insurance payments" (further - the Law) and determine method of calculation of rate of compulsory, additional contributions, contingent obligations, procedure and payment due dates of compulsory, additional and extraordinary contributions, and also procedure for forming and accounting of contingent obligations by the insurance companies which signed the agreement of participation with Fund of guaranteeing insurance payments (further - insurance companies - participants).

Chapter 1. Method of calculation of rate of compulsory contributions, procedure and terms of their payment

1. The rate of compulsory contributions affirms the board of directors of Fund of guaranteeing insurance payments (further - Fund).

2. The formula of calculation of base rate of compulsory contribution the current financial year affirms the board of directors of Fund and is subject to revision each 3 (three) years.

When calculating base rate of compulsory contribution the overcautious person's share in insurance reserves is not considered.

3. The rate of compulsory contribution for the insurance companies performing the activities in industry "general insurance" determined according to Technique Item 2 is calculated Fund and constitutes at least 0,35 (zero whole thirty five 100-th) percent from the amount of the added insurance premiums and no more than 2 (two) percent from the amount of the added insurance premiums.

The rate of compulsory contribution for the insurance companies performing the activities in industry "life insurance" determined according to Technique Item 2 is calculated Fund and constitutes no more than 1 (one) percent from positive difference between the size of insurance reserves on each guaranteed type of insurance for the beginning of accounting financial year and the size of such reserves for the beginning of the previous financial year.

The rate of the compulsory contribution for the insurance companies performing activities in industry "life insurance" which is subject to payment in Fund for the first time after the conclusion of the agreement of participation constitutes no more 0,71 (zero whole seventy one 100-th) percent from the amount of insurance reserves on each guaranteed type of insurance for the beginning of accounting financial year.

4. The insurance participating organizations performing activities in industry "general insurance" within 30 (thirty) calendar days after completion of financial year provide in Fund information on the number of the signed insurance contracts, the total added amount of insurance premiums and insurance payments for the expired financial year for each guaranteed type of insurance.

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