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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 29, 2015 No. 423

About approval of the Regulations on the normative sizes of pension reserves and procedure for their forming and use

For the purpose of strengthening of financial stability and reliability of the accumulation pension funds, enhancement of the legislation of the Kyrgyz Republic regulating activities of the accumulation pension funds according to article 26 of the Law of the Kyrgyz Republic "About the accumulation pension funds in the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Regulations on the normative sizes of pension reserves and procedure for their forming and use according to appendix.

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

Prime Minister

T. Sariyev

Appendix

Approved by the Order of the Government of the Kyrgyz Republic of June 29, 2015 No. 423

Regulations on the normative sizes of pension reserves and procedure for their forming and use

1. General provisions

1. This Provision establishes general procedure for forming and use, and also the minimum normative sizes of pension reserves of the accumulation pension funds.

2. For ensuring stability of obligation fulfillment before investors, participants and insured persons the accumulation pension fund (further - Fund) creates pension reserves.

3. The fund creates and creates pension reserves on mandatory pension insurance and non-state pension provision.

4. For the purpose of protection of interests of investors, participants and insured persons the Fund has no right to assume the guarantee for obligation fulfillment by the third parties, to pledge means of pension reserves.

2. Sources of forming of pension reserves and their use

5. Pension reserves on non-state pension provision are created for the account:

1) parts of investment income of means of pension accruals by results of the expired financial year;

2) parts of the income of Fund from placement of pension reserves;

3) parts of charitable fees and other target receipts;

4) economy of the means aimed at providing authorized activities of Fund.

6. Pension reserves on mandatory pension insurance are created for the account:

1) parts of investment income of means of pension accruals by results of the expired financial year;

2) parts of the income of Fund from placement of pension reserves.

7. Pension reserves can be used by Fund only in the following cases:

1) for ensuring performance guarantees of agreement obligations on non-state pension provision;

2) for ensuring performance guarantees of agreement obligations on mandatory pension insurance.

Means of pension reserves shall provide payment of non-state pensions to members of Fund according to the signed pension agreements.

8. Income gained by Fund from placement of pension reserves is distributed according to the procedure, established by the legislation of the Kyrgyz Republic in the sphere of regulation of activities of the accumulation pension funds.

9. Under agreements of non-state pension provision and mandatory pension insurance the investment revenue gained from placement of pension reserves which completely is subject to transfer on the reserve account of Fund is established.

10. Reasons for use by Fund of pension reserves within year shall be confirmed in the actuarial conclusion represented by Fund to authorized state body in the sphere of supervision and regulation of the financial market.

3. Normative size of pension reserves

11. The minimum normative size of pension reserve on non-state pension provision is established at the expense of the following sources:

1) investment income of means of pension accruals - in the amount of at least 10 percent;

2) the income from investment of funds of pension reserves - in the amount of at least 5 percent;

3) charitable fees and other target receipts - in the amount of at least 5 percent;

4) economy of the means aimed at providing authorized activities of Fund - in complete size.

12. The minimum normative size of pension reserve on mandatory pension insurance is established at the expense of the following sources:

1) investment income of means of pension accruals - in the amount of no more than 10 percent;

2) the income from investment of funds of pension reserves - in the amount of at least 5 percent.

13. For ensuring financial stability and solvency the Fund can have the pension reserves exceeding the minimum normative size.

14. The size of pension reserves cannot be less than the minimum normative size established by this Provision.

If the size of pension reserves of Fund is less than minimum normative size, then the Fund shall develop and perform the relevant activities for recovery of pension reserve to the minimum normative size. It can be measures for reduction of administrative and other expenses, adjustment of tariff policy of Fund.

4. Reporting

15. The report on forming and use of pension reserves is submitted Fund annually, no later than the March 1 following after accounting year in authorized state body in the sphere of supervision and regulation of the financial market, in form according to appendices 1 and 2 to this Provision, in electronic form and on paper.

16. In case of non-compliance with the normative size of pension reserves by funds actions plans on reduction of reserves in compliance with requirements of this provision as a part of annual accounting and special accounts are represented to authorized state body in the sphere of supervision and regulation of the financial market.

5. Control

17. Control of observance of the normative sizes of pension reserves, their forming and use is performed by authorized state body in the sphere of supervision and regulation of the financial market based on the reporting.

Appendix 1

to Regulations on the normative sizes of pension reserves and procedure for their forming and use

License number: ___________________________________________________

INN: _____________________________________________________________

Name: _____________________________________________________

Type of activity: __________________________________________________

Actual address, index: ___________________________________________

Phone/fax: _____________________________________________________

E-mail: ____________________________________________________________

Report on forming and use of pension reserves on non-state pension provision:

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