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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of June 28, 2013 No. 149

About approval of the Instruction for conducting financial accounting of transactions on insurance and reinsurance

(as amended on 22-11-2021)

According to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", the subitem 1) of Item 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Instruction for conducting financial accounting of transactions for insurance and reinsurance.

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 June 28, 2013 No. 149

Instruction for conducting financial accounting of transactions for insurance and reinsurance

Chapter 1. General provisions

1. This Instruction for conducting financial accounting of transactions for insurance and reinsurance (further – the Instruction) is developed according to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" and the subitem 1) of Item 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", international accounting standards and disaggregates conducting financial accounting of the transactions on insurance and reinsurance performed by the insurance (reinsurance) organizations, branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan (further – the insurance (reinsurance) organizations), insurance brokers and branches of insurance nonresident brokers of the Republic of Kazakhstan (further – insurance brokers).

2. Requirements to disclosure of the financial reporting by the insurance (reinsurance) organizations and insurance brokers, the reporting under accounting data branches of the insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan and branches of insurance nonresident brokers of the Republic of Kazakhstan, and also the requirement to forming of accounting policy are established by international accounting standards.

3. In the Instruction the concepts provided by the Civil code of the Republic of Kazakhstan, the laws of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" of June 3, 2003 "About fund of guaranteeing insurance payments", of February 28, 2007 "About financial accounting and the financial reporting" and international accounting standards are used.

4. Making of the additional accounting entries which are not contradicting the Instruction, requirements of the legislation of the Republic of Kazakhstan about financial accounting and the financial reporting and the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" is allowed.

Chapter 2. Financial accounting of transactions on general insurance (reinsurance)

Paragraph 1. Accounting of transactions on insurance (reinsurance) according to insurance contracts (reinsurance)

5. The amount of the insurance premium which is due according to the insurance contract (reinsurance) is recognized as the income from the effective date of the insurance contract (reinsurance). If the effective date of insurance protection according to the insurance contract (reinsurance) comes after the date of entry into force of the insurance contract (reinsurance), the amount of insurance premium is recognized as the income from the date of the introduction of insurance protection according to the insurance contract (reinsurance).

6. From the date of entry into force of the insurance contract (reinsurance) on the amount of the insurance premium specified in the insurance contract (reinsurance) the following accounting entries are performed:

1) in case of entry into force of the insurance contract (reinsurance):

Dt

1280 41

Insurance premiums to obtaining from insurers,

 

1280 42

Insurance premiums to obtaining from reinsurers

Kt

3520

Deferred revenues;

2) if day of the beginning of action of insurance protection according to the insurance contract (reinsurance), comes after day of entry into force of the insurance contract (reinsurance):

Dt

3520

Deferred revenues

Kt

6280 41

Income in type of insurance premiums;

3) if day of the beginning of action of insurance protection matches or comes before day of entry into force of the insurance contract (reinsurance):

Dt

1280 41

Insurance premiums to obtaining from insurers

 

1280 42

Insurance premiums to obtaining from reinsurers

Kt

6280 41

Income in type of insurance premiums.

7. In case of the actual obtaining by the insurance (reinsurance) organization of the added insurance premium the following accounting entry is performed:

Dt

1010

Cash on hand,

 

1030

Money on current accounts

Kt

1280 41

Insurance premiums to obtaining from insurers,

 

1280 42

Insurance premiums to obtaining from reinsurers.

8. When implementing advance payment by the insurer (reinsurer) of insurance premium the following accounting entries are performed:

1) in case of the actual receipt of advance payment of insurance premium:

Dt

1010

Cash on hand,

 

1030

Money on current accounts

Kt

3510 41

The advance payments received on insurance (reinsurance) activity;

2) from the date of the beginning of action of insurance protection according to the insurance contract (reinsurance):

Dt

3510 41

The advance payments received on insurance (reinsurance) activity

Kt

6280 41

Income in type of insurance premiums.

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