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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 13, 2014 No. 648

About approval of the Technique of calculations of prudential standard rates for the accumulation pension funds and report forms about accomplishment of prudential standard rates

(In edition of the Order of the Government of the Kyrgyz Republic of 25.01.2017 No. 43)

For the purpose of the prevention of deterioration in financial condition, ensuring accomplishment by the accumulation pension funds of prudential standard rates, and also "About the accumulation pension funds in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides reducings the risks connected with instability and insolvency of the accumulation pension funds according to article 25 of the Law of the Kyrgyz Republic:

1. Approve:

Technique of calculations of prudential standard rates for the accumulation pension funds according to appendix 1;

- report form about accomplishment of prudential standard rates according to appendix 2;

- form of submission of additional data for calculation of prudential standard rates of solvency according to appendix 3.

2. This resolution becomes effective after thirty days from the date of official publication.

Prime Minister

J. Otorbayev

Appendix 1

to the Order of the Government of the Kyrgyz Republic of November 13, 2014 No. 648

Method of calculation of prudential standard rates for the accumulation pension funds

1. General provisions

1. This Technique is developed according to article 25 of the Law of the Kyrgyz Republic "About the accumulation pension funds in the Kyrgyz Republic" and establishes normative values and formulas of calculations of standard rates of solvency for the accumulation pension funds, and also forms and terms of submission of the report on accomplishment of standard rates of solvency and additional data for calculation of standard rates of solvency.

2. For the purpose of the prevention of deterioration in financial condition, ensuring accomplishment by the accumulation pension funds of prudential standard rates, and also reducings the risks connected with instability and insolvency of the accumulation pension funds (further - NPF), are established by this Technique the following types of prudential standard rates:

- standard rates of solvency;

- standard rates of financial stability.

3. Indicator of solvency of NPF is observance of normative ratios between undertaken obligations and assets taking into account their liquidity.

4. Indicators of financial stability of NPF include:

- minimum sizes of the authorized capital;

- sizes of pension reserves and other obligations.

5. Normative values and formulas of the measure calculations specified in Item 4 of this Technique are established by the Government of the Kyrgyz Republic.

2. Standard rates of solvency

6. Solvency of NPF is provided with the following standard rates:

1) the standard rate of sufficiency of highly liquid assets calculated as the relation of cost of highly liquid assets to the amount of pension reserves on the following formula:

Формула 1 к ПП КР от 13.11.2014 г. №648

where:

Nva - the standard rate of sufficiency of highly liquid assets;

VA - the cost of highly liquid assets calculated taking into account their classification by quality and liquidity according to Chapter 3 of this Technique;

SR - the amount of pension reserves of NPF calculated according to the requirements established by the Government of the Kyrgyz Republic.

The standard rate of sufficiency of highly liquid assets of NPF shall be at least unit;

2) the capital adequacy ratio calculated as the relation of cost of all assets, taking into account their classification by quality and the liquidity reduced by the amount of pension reserves and other obligations to the minimum size of the authorized capital for the operating NPF, established by the Government of the Kyrgyz Republic on formula:

Формула 2 к ПП КР от 13.11.2014 г. №648

where:

The Tax Code - capital adequacy ratio of NPF;

And - the cost of all assets of NPF calculated taking into account their classification by quality and liquidity according to Chapter 3 of this Technique;

SR - the amount of pension reserves of NPF calculated according to requirements of the Government of the Kyrgyz Republic;

About - obligations of NPF, except for the amounts of pension reserves;

Mk - the minimum size of the authorized capital for the operating NPF established by the Government of the Kyrgyz Republic.

The capital adequacy ratio of NPF shall be not, less unit;

3) the standard rate of the current solvency calculated as the relation of pension accruals net to benefits amount and operating expenses on formula:

Формула 3 к ПП КР от 13.11.2014 г. №648

where:

Ntp - the standard rate of the current solvency of NPF;

SPN - pension accruals net - the amount of the pension accruals received by NPF for the accounting period;

SVN - payments net - benefits amount, the made NPFs for the accounting period;

SHOUTING - operating expenses.

The indicator characterizes sufficiency of inflow of means in the form of receipts of pension accruals for covering of current expenses on payments and current expenses on conducting case.

The standard rate of the current solvency of NPF shall be at least unit.

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