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The document is not valid from  July 31, 2016 according to Item 2 of this Resolution

ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of July 15, 2015 No. 497

About approval of Provisional regulations for licensing of separate types of activity in the field of the non-bank financial market

(as amended of the Order of the Government of the Kyrgyz Republic of 11.05.2016 No. 239)

For the purpose of regulation of questions of licensing of activities in the field of the non-bank financial market, according to the Law of the Kyrgyz Republic "About licensed authorization system in the Kyrgyz Republic", articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve Provisional regulations for licensing of separate types of activity in the field of the non-bank financial market according to appendix.

2. This resolution becomes effective after fifteen days from the date of official publication and is effective within twelve months.

Prime Minister

T. Sariyev

Appendix

to the Order of the Government of the Kyrgyz Republic of July 15, 2015 No. 497

Provisional regulations for licensing of separate types of activity in the field of the non-bank financial market

1. General provisions

1. Physical persons and legal entities, irrespective of legal form and patterns of ownership, shown willingness to be engaged in the licensed type of activity in the field of the non-bank financial market, shall obtain the corresponding license.

2. Licensor in the field of the non-bank financial market is Public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic which grants licenses for the following types of activity:

- lottery activities (except for the stimulating lottery);

- the voluntary accumulative life insurance performed by insurance company;

- the voluntary personal insurance performed by insurance company;

- the voluntary property insurance performed by insurance company;

- the voluntary insurance of responsibility performed by insurance company;

- the obligatory types of insurance performed by insurance company;

- the inward reinsurance on obligatory and voluntary types of insurance performed by the reinsurance organization;

- activities of non-state pension fund;

- the organization of trade in the security market;

- broker activities in the security market;

- maintaining register of security holders;

- depository activity in the security market;

- dealer activities in the security market;

- activities of investment fund;

- trust management of investment assets;

- auditor activities.

3. Both legal, and physical persons (individual entrepreneurs) have the right to be engaged in auditor activities.

4. The application is submitted for receipt of the license in writing, specified in appendix 1.

The license for implementation of the types of activity specified in Item 2 of these Provisional regulations is issued in the form specified in appendix 2.

5. Recognition of the licenses in the field of the non-bank financial market in the territory of the Kyrgyz Republic granted by authorized bodies of foreign states is performed according to the procedure, provided by the Law of the Kyrgyz Republic "About licensed authorization system in the Kyrgyz Republic".

2. Features of licensing of lottery activities

6. The license for implementation of lottery activities is termless and acts on all territory of the Kyrgyz Republic.

7. Licensed lottery activity consists in the organization of lottery activities.

8. For receipt of the license for lottery activities the following documents are submitted:

- the statement of the established form;

- copy of the certificate on state registration of the legal entity;

- the copy of the document confirming introduction of the license fee for consideration of the application and licensing and (or) permissions;

- the balance sheet of the organizer of lottery for the previous accounting year with mark of tax authority of the Kyrgyz Republic;

- the report on results of financial activities for the specified period;

- conditions of carrying out lottery;

- list of degrees of protection of lottery tickets;

- the contract or agreement between the organizer of lottery and the main members of the organization and carrying out lottery process (the printing company serving lottery, advertizing company, etc.);

- the commitment letter about observance of requirements for providing amount of prize fund for instant lotteries at least 50 percent from amount of the issued lottery tickets of each release, the minimum size of prize fund for instant lotteries - at least 10000 settlement indicators;

- the commitment letter about ensuring the minimum size of prize fund for the production and combined lotteries at least 4000 settlement indicators, for electronic lotteries - at least 3000 settlement indicators.

3. Features of licensing of activities for voluntary accumulative life insurance

9. The license for the voluntary accumulative life insurance performed by insurance company is termless and acts on all territory of the Kyrgyz Republic.

10. The licensed activity on voluntary accumulative life insurance performed by insurance company consists of accomplishment of the following insurance services:

1) life insurance;

2) universal life insurance;

3) universal life insurance of children;

4) the mixed life insurance;

5) life insurance, survival to certain age or term, or approach of other event;

6) the other types of life insurance which are not specified in subitems 1-5 of this Item.

11. For receipt of the license for the voluntary accumulative life insurance performed by insurance company the following documents shall be submitted:

- the statement of the established form;

- copy of the certificate on state registration of the legal entity;

- the copy of the document confirming introduction of the license fee for consideration of the application and licensing and (or) permissions;

- copies of the foundation agreement or decision of the single founder, charter of insurance company, protocol of meeting of founders on adoption of the charter, statement of officials of executive body of insurance company and chief accountant

- the information about the shareholders of insurance company owning 10 and more percent of shares of insurance company;

- the certificate of the size of the paid authorized capital;

- conditions (rule) of insurance;

- the list of board members (in the presence) insurance company, with indication of surname, name, middle name and the residential address of the chairman and his deputy;

- the list of members of collegiate executive body or information on sole executive body and its deputies (in the presence), insurance company, with indication of surname, name, middle name and the residential address of each person, and documents confirming their compliance to requirements of reliability and to the level of the established qualification requirements;

- the documents confirming the education level, the service record and documents confirming compliance of qualification of the chief accountant to requirements of reliability and to the level of the established qualification requirements for the chief accountant;

- the decision of relevant organ of the foreign company on its participation in creation of insurance company in the territory of the Kyrgyz Republic (for foreign insurance company);

- the written confirmation of authorized body of the corresponding foreign state legalized in accordance with the established procedure that this foreign founder company is registered as the legal entity in this state (for the foreign company);

- the written confirmation of authorized body of the corresponding foreign state legalized in accordance with the established procedure that this foreign insurance founder company is registered as the legal entity and has the current license on implementation of insurance activity, with indication of types of insurance activity, and also provision of the published balances for three previous years (for foreign insurance company);

- the conclusion of auditing organization about financial position of physical person or other official document confirming its financial wellbeing (for foreign citizens).

12. Licensed requirements to the voluntary accumulative life insurance performed by insurance company:

- forming of the authorized capital is performed only in cash in banks of the Kyrgyz Republic;

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