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THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND SUPERVISION OF THE FINANCIAL MARKET AND THE FINANCIAL ORGANIZATIONS

of December 27, 2004 No. 374

About approval of Rules about increase in the amount of regular insurance payments during operation of agreements of annuity based on the actuarial conclusion and requirements to its content

(In edition of the Resolution of Board of National Bank of the Republic of Kazakhstan of 30.05.2016 No. 127)

For the purpose of enhancement of the regulatory legal acts regulating activities of the insurance companies performing activities in industry "life insurance", Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations (further - the Agency) DECIDES:

1. Approve the enclosed Rules about increase in the amount of regular insurance payments during operation of agreements of annuity based on the actuarial conclusion and requirements to its content.

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

3. To department of supervision of subjects of the insurance market and other financial organizations (Karimullin A. A.):

1) together with Legal department (Baysynov M. 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 the Agency, the insurance (reinsurance) organizations.

4. To provide to department on ensuring activities of the Agency (Nesipbayev R. R.) the publication of this resolution in mass media of the Republic of Kazakhstan.

5. To impose control of execution of this resolution on the vice-chairman of the Agency Dosmukametov K. M.

Chairman

B. Zhamishev

Approved by the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and supervision of the financial market and the financial organizations of December 27, 2004 No. 374

Rules about increase in the amount of regular insurance payments during operation of agreements of annuity based on the actuarial conclusion and requirements to its content

These rules about increase in the amount of regular insurance payments during operation of agreements of annuity based on the actuarial conclusion and requirements to its content are developed according to the subitem 6) of article 11 of the Law of the Republic of Kazakhstan of July 4, 2003 "About state regulation, control and supervision of the financial market and the financial organizations", Item 2 of article 12 of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and determine procedure and conditions of increase in the amount of regular insurance payments during operation of agreements of annuity based on the conclusion of the actuary, and also the requirement to its content.

Chapter 1. General provisions

1. In these rules the following basic concepts are used:

accumulation period - the period of validity of annuity during which the insurer (insured) pays to insurance company periodic insurance premiums in the amount of, procedure and the terms determined by the agreement of annuity;

the period of insurance payments - the period of validity of annuity during which the insurance company makes periodical insurance payments to the insurer (insured, to the beneficiary) in the amount of, procedure and the terms determined by the agreement of annuity.

2. The period of insurance payments comes after accumulation period.

3. If terms of the contract of annuity provide increase in regular insurance payments and the amount of this increase is determined by the agreement of annuity, requirements of these rules extend to cases of additional increase.

Chapter 2. Conditions of increase in regular insurance payments

4. In the first two complete years of validity of annuity increase in regular insurance payments under the agreement is not made.

5. Increase in regular insurance payments under the agreement of annuity is made at the expense of additional incomes of insurance company.

During accumulation period such additional incomes of insurance company are created for the account:

1) positive difference between actual rate of the investment profitability and rate provided when calculating the size of insurance premium (insurance premiums) for the agreement of annuity;

2) negative difference between the actual expense level of insurance company, connected with the conclusion and execution of agreements of annuity and the expense level provided when calculating the size of insurance premium (insurance premiums) for the agreement of annuity.

6. During insurance payments, in addition to sources of the additional incomes of insurance company specified in Item 5 of these rules, source for the called period is the positive difference between the actual indicators of insurance company on death rate and its expected indicators which were provided when calculating the size of insurance premium (insurance premiums) for the agreement of annuity.

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