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LAW OF THE KYRGYZ REPUBLIC

of December 11, 2013 No. 216

About the accumulation pension funds in the Kyrgyz Republic

(as amended on 25-07-2019)

Accepted by Jogorku Kenesh of the Kyrgyz Republic on October 31, 2013

Chapter 1. General provisions

Article 1. Subject of regulation of this Law

1. This Law determines legal status of the accumulation pension funds, establishes features of their organization and activities in the Kyrgyz Republic.

2. The relations which arise during creation of the accumulation pension funds, implementation by them of activities and their liquidation are regulated by this Law and other regulatory legal acts of the Kyrgyz Republic.

3. This Law does not regulate activities of the State accumulation pension fund which is created by Social fund of the Kyrgyz Republic (further - Sotsfond) according to the legislation of the Kyrgyz Republic.

Article 2. Accumulation pension fund

1. The accumulation pension fund (further - fund) - the legal entity performing activities for attraction of pension contributions and retirement benefits on the basis of the license according to the legislation of the Kyrgyz Republic:

on non-state pension provision of members of fund according to agreements of non-state pension provision;

as the participant in system on compulsory accumulative pension insurance according to the legislation of the Kyrgyz Republic on mandatory pension insurance;

on corporate provision of pensions of members of fund according to agreements of corporate provision of pensions;

on professional pension insurance of members of fund according to agreements on professional pension insurance.

2. Activities of fund for non-state pension provision, for corporate provision of pensions and professional pension insurance of members of fund are performed on a voluntary basis and include accumulation of pension contributions, investment of means of pension accruals on non-state pension provision, accounting of pension liabilities of fund, appointment and payment of non-state pensions to members of fund.

Activities of fund as the insurer for mandatory pension insurance include accumulation of means of pension accruals, the organization of investment of means of pension accruals for mandatory pension insurance, accounting of means of pension accruals of insured persons, appointment and payment of investment part of the state pension to insured persons.

3. Funds perform activities for non-state pension provision irrespective of implementation of activities for mandatory pension insurance.

4. Founders do not answer for obligations the fund created by them, and the fund does not answer for obligations the founders.

The fund uses property for the purposes determined by the fund charter.

5. Investors, participants, insured persons, and also the state do not answer for obligations fund, is equal as the fund does not answer for obligations his investors, participants, insured persons and the states.

Article 2-1. Types of funds

1. Funds can be:

1) open;

2) corporate;

3) professional.

2. Open pension fund - the accumulation pension fund which members can be any physical persons irrespective of the place and nature of their work.

3. The corporate accumulation pension funds are created for receivers - workers of one or several legal entities who are founders and shareholders of this accumulation pension fund.

4. The professional pension fund - the accumulation pension fund, the founder (founders) of which can be associations of legal entities - employers, merging of physical persons, including labor unions. Exclusively physical persons connected by the nature of their professional activity (occupations) determined in the fund charter can be members of such fund.

5. The procedure of activities of corporate provision of pensions and professional pension insurance is determined by the Government of the Kyrgyz Republic.

Article 3. The basic concepts used in this Law

1. For the purposes of this Law the following concepts are used:

the actuary - person who meets the requirements established for persons performing carrying out actuarial estimation of activities of funds according to the procedure, determined by the Government of the Kyrgyz Republic;

the investor - the physical person or legal entity which is the party of the pension agreement and paying pension contributions to fund;

the redemption amount - the money paid by fund to the investor, the participant, insured person or transferred to other fund in case of the termination of the pension agreement;

the agreement of non-state pension provision - the agreement between fund and the investor of fund (further - the investor) signed in advantage of the participant (participants) of fund (further - the participant) according to which the investor shall pay pension contributions to fund, and fund shall pay to the participant non-state pension;

the agreement on mandatory pension insurance - the agreement between fund and insured face for benefit of insured person according to whom the fund shall in case of approach of the pension bases to perform appointment and payment to insured person of investment part of the state pension;

officials of fund are persons who determine the main directions of fund or have powers to participate in activities of fund. Officials board members of fund, members of executive body of fund, members of audit committee, the secretary of society and the chief accountant are recognized;

investment incomes of means of pension accruals - dividends and percent (income) on securities, and also on bank deposits, other income types from transactions on investment of means of pension accruals;

investment portfolio on non-state pension provision - the assets created at the expense of means of the pension accruals on non-state pension provision delivered by fund in trust management to managing company (managing companies);

investment portfolio on mandatory pension insurance - the assets created at the expense of means of the pension accruals on mandatory pension insurance delivered by fund in trust management to managing company (managing companies);

insured person - the physical person which signed the agreement on mandatory pension insurance;

investment part of the state pension - the monthly money payment appointed and paid by fund to insured person according to the legislation of the Kyrgyz Republic and the agreement on mandatory pension insurance;

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