Document from CIS Legislation database © 2003-2020 SojuzPravoInform LLC

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

(as amended on 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.

4-1. The insurance participating organizations performing activities in industry "life insurance" within 30 (thirty) calendar days after completion of financial year provide in Fund information on the number of the signed insurance contracts, total amount of insurance reserves on each guaranteed type of insurance, and also the total added amount of insurance premiums and insurance payments for the expired financial year for each guaranteed type of insurance.

5. After receipt of information provided by items 4 and 4-1 Techniques, the Fund within 30 (thirty) calendar days calculates, approves rate of compulsory contributions in coordination with authorized body on regulation, control and supervision of the financial market and the financial organizations (further - authorized body) according to the subitem 7) of Item 1 of article 4 of the Law taking into account the raising coefficient and brings it to the attention of insurance companies - participants.

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 40000 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.