Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

The document ceased to be valid since  November 29, 2018 according to Item 2 of the Resolution of Board of National Bank of the Republic of Kazakhstan of August 27, 2018 No. 191

RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of July 16, 2014 No. 151

About approval of Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization"

(as amended of the Resolution of Board of National Bank of the Republic of Kazakhstan of 24.12.2014 No. 261)

For the purpose of enhancement of regulatory legal acts of the Republic of Kazakhstan the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization.

2. Recognize invalid regulatory legal acts according to appendix to this resolution.

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

Chairman of National Bank

K. Kelimbetov

Approved by the Resolution of Board of National Bank of the Republic of Kazakhstan of July 16, 2014 No. 151

Rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities, passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization

1. General provisions

1. These rules of implementation of actuarial activities, licensing for the right of implementation of actuarial activities, passing qualification examination by the actuary, involvement of the independent actuary (further - Rules) are developed for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary who is on the staff of the insurance (reinsurance) organization according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" (further - the Law) and determine procedure of actuarial activities, licensing for the right of implementation of actuarial activities (further - the License), passing qualification examination by the actuary, involvement of the independent actuary for check of activities of the actuary, the direction by the independent actuary of results of check of reliability of the calculations which are carried out by the actuary being on the staff of the insurance (reinsurance) organization in National Bank of the Republic of Kazakhstan (further - authorized body), and also the list and requirements to international associations of actuaries.

2. Actuarial activities are performed according to the Law taking into account the international principles (standards) of implementation of actuarial activities.

3. The physical person having the License granted by authorized body acts as the actuary.

2. Actuarial activities

4. Task of actuarial activities is implementation of economic-mathematical calculations of the amount of agreement obligations of insurance and reinsurance for the purpose of ensuring necessary level of financial stability and solvency of the insurance (reinsurance) organization.

5. Actuarial activities include provision of services on:

1) consultations and recommendations about methods and sources of forming of insurance reserves;

2) to the questions connected with assessment of financial stability and solvency of the insurance (reinsurance) organization;

3) to development of methodology of calculation and economic case of insurance rates;

4) to research and systematization of insurance risks it agrees the insurance classification accepted in the legislation of the Republic of Kazakhstan;

5) to assessment of economic case of conditions of implementation of insurance determined by the insurance (reinsurance) organization in its rules of insurance;

6) to determination of the sizes of the loans granted insurers under agreements of accumulative insurance;

7) to rendering consulting services in questions of actuarial calculations.

6. For ensuring execution of undertaken obligations according to insurance contracts and reinsurance the insurance (reinsurance) organization has the created insurance reserves in the amount calculated by the actuary.

7. Actuarial calculations are made on the following bases:

1) at the initiative of the insurance (reinsurance) organization - initiative actuarial calculations;

2) in cases, stipulated by the legislation the Republic of Kazakhstan, - obligatory actuarial calculations.

Obligatory actuarial calculations are perfromed for the first half of the year as of July 1 of accounting year and are provided in authorized body till August 15 of accounting year, and also for accounting year as of January 1, provided in authorized till April 30 of the year following for reporting taking into account requirements of the Law.

8. Actuarial calculations are subdivided on:

1) initiative - performed at the initiative of the insurance (reinsurance) organization;

2) on belonging to industry (class) of insurance and on reinsurance - the "life insurances" or industries performed on industry "general insurance", on reinsurance or classes according to the classification established by the Law;

3) on the creation purpose:

reporting - performed on reporting date according to the insurance contracts signed by the insurance (reinsurance) organization and reinsurance during the accounting period and valid by the end of the reporting period;

planned - in case of introduction in practice by the insurance (reinsurance) organization of insurance and reinsurance on new class of insurance according to rules of insurance;

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 50000 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.