RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 25, 2003 No. 249

About approval of Rules of provision of pensions by insurance companies of the Republic of Kazakhstan at the expense of pension accruals on the basis of agreements of retirement annuity

1. Approve the enclosed Rules of provision of pensions by insurance companies of the Republic of Kazakhstan at the expense of pension accruals on the basis of agreements of retirement annuity.

2. To department of financial supervision (Bakhmutova E. L.):

1) together with Legal department (Sharipov S. B.) 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 central office, territorial branches of National Bank of the Republic of Kazakhstan, actuaries and the insurance (reinsurance) organizations.

3. To impose control over execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Saydenov A. G.

4. This resolution becomes effective after fourteen days from the date of state registration in the Ministry of Justice of the Republic of Kazakhstan.

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of July 25, 2003 No. 249 "About approval of Rules of provision of pensions by insurance companies of the Republic of Kazakhstan at the expense of pension accruals on the basis of agreements of retirement annuity"

Rules of provision of pensions by insurance companies of the Republic of Kazakhstan at the expense of pension accruals on the basis of agreements of retirement annuity

These rules are developed according to the Civil Code of the Republic of Kazakhstan, the Laws of the Republic of Kazakhstan "About provision of pensions in the Republic of Kazakhstan" and "About insurance activity" and determine method of calculation of pension accruals (insurance premium) and insurance payment, the admissible expense level of insurance company on conducting case, and also form of the standard agreement of retirement annuity.

Chapter 1. General provisions

1. The receiver of pension accruals (further - the insurer) has the right to sign the agreement of retirement annuity on condition of sufficiency of its pension accruals.

3. The agreement of retirement annuity can be signed with the insurance company having the license of authorized state body on regulation and supervision of the insurance activity (daleeupolnomochenny body) performing activities in industry "life insurance" on the class "annuity insurance".

4. The rules of retirement annuity applied by insurance companies are subject to coordination with authorized body.

Chapter 2. Method of calculation of insurance premium and insurance payment

5. For calculation of the size of insurance premium and insurance payment the factor of current value under agreements of retirement annuity is used.

6. The factor of current value is determined as the amount of works of indicator(s) of survival of the receiver(s) from age, for date of the conclusion of the agreement of retirement annuity, to age of receipt of insurance payments in year, and the discounting factor in the corresponding degree. The discounting factor is 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.

7. In case of determination of sufficiency of pension accruals and calculation of the amount of insurance payments, in factor of current value possible indexation of the minimum size of pension by adjustment of each forecast increase composed on the size if by agreement of the parties similar indexation is provided in the agreement is considered.

8. Calculation of the amount of insurance payments from the amounts of assets of insurance company is made on the basis of data on death rate of the population, forecast increase in the minimum size of pension and the size of interest return rate taking into account the conditions of retirement annuity established by the agreement of retirement annuity.

9. Insurance companies when calculating factor of current value of future insurance payments for the agreement of retirement annuity use the death rate indicators which are not exceeding the similar indicators specified in Appendix 2 to these rules.

In case of excess glided to use of death rate indicators by insurance company over the death rate indicators specified in Appendix 2, for calculation of factors of current value the indicators specified in Appendix 2 are used.

10. it is excluded

11. When calculating the amount of insurance payments for the agreement of retirement annuity the effective annual interest rate of profitability which is not exceeding 10 annual interest rates in national currency is used.

12. The amount of insurance payments for the agreement of retirement annuity is determined as the work of the amount of insurance premium of the insurer and inverse value to factor of current value at the corresponding age of the insurer calculated according to requirements of this Chapter.

13. Under the agreement of retirement annuity if insurance payments are performed with increase (reduction) in their size, then in addition to accounting of forecast increase in the minimum size of pension according to Item 7 of this Chapter, everyone composed in factor of current value it is necessary to increase in addition by the amount 1 and percent of increase (reduction) of the amount of insurance payments for the agreement of retirement annuity, built in degree of the corresponding year of insurance payments.

14. If insurance payments in accordance with the terms of the agreement of retirement annuity are provided to heirs of the insurer in case of his death before the expiration determined by this agreement, the factor of current value is calculated as the amount of the annuity factor and factor of current value determined according to Items 5-9, 11 of this Chapter.

The annuity factor represents the amount of the discounting factor in the corresponding degrees of date of the conclusion of the agreement of retirement annuity before the expiration specified in this Item.

At the same time heirs have the right to lump sum payment to burial in the amount of and procedure, stipulated by the legislation the Republic of Kazakhstan about provision of pensions.

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