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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 27, 2015 No. 88

About approval of Rules of forming, accounting, use and distribution of Islamic insurance fund

(as amended on 23-12-2020)

For the purpose of implementation of the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Rules of forming, accounting, use and distribution of Islamic insurance fund.

2. To department of supervision of subjects of the insurance market (Kaliyev A. E.) in the procedure established by the legislation to provide:

1) together with Legal support department (Dosmukhambetov N. M.) state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) the direction of this resolution on official publication in information system of law of Ad_let of the republican state company on the right of economic maintaining "The republican center of legal information of the Ministry of Justice of the Republic of Kazakhstan" within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan;

3) placement of this resolution on official Internet resource of National Bank of the Republic of Kazakhstan after its official publication.

3. To department of the international relations and public relations (Kazybayev A. K.) provide the direction of this resolution on official publication in periodic printing editions within ten calendar days after its state registration in the Ministry of Justice of the Republic of Kazakhstan.

4. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Kozhakhmetov K. B.

5. This resolution becomes effective after ten 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 May 27, 2015 No. 88

Rules of forming, accounting, use and distribution of Islamic insurance fund

1. These rules of forming, accounting, use and distribution of Islamic insurance fund (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" and determine procedure for forming, accounting, use and distribution of Islamic insurance fund.

2. The Islamic insurance fund is created by the Islamic insurance (reinsurance) organization on each class of insurance at the expense of the following income and receipts:

1) the insurance premiums got from insurers (reinsurers) under agreements of Islamic insurance (reinsurance);

2) income gained from investment and (or) realization of means of Islamic insurance fund;

3) income in type of commission fee gained from the reinsurance organizations in case of placement of insurance risks for agreements of Islamic insurance;

4) the income connected with compensation according to the recourse requirement;

5) the income connected with compensation by the overcautious person of insurance payments;

6) the money provided by the Islamic insurance (reinsurance) organization for obligation fulfillment under agreements of Islamic insurance (reinsurance).

3. The Islamic insurance (reinsurance) organization keeps separate account of own means from means of Islamic insurance fund.

4. Means of Islamic insurance fund are used for the following purposes:

1) implementation of insurance payments for agreements of Islamic insurance (reinsurance);

2) obligation fulfillment, the insurance payments connected with settlement;

3) payment of remuneration of the Islamic insurance (reinsurance) organization for management of Islamic insurance fund;

4) implementation of the expenses connected with investment and (or) realization of means of Islamic insurance fund;

5) obligation fulfillment on tax payment and other obligatory payments in the budget provided by the Code of the Republic of Kazakhstan of December 25, 2017 "About taxes and other obligatory payments in the budget" (Tax code);

6) obligation fulfillment on refund, provided by the Islamic insurance (reinsurance) organization for obligation fulfillment under agreements of Islamic insurance;

7) profit distribution of Islamic insurance fund between insurers.

5. Funds of Islamic insurance fund are distributed between insurers following the results of financial year, no more once a year on condition of accomplishment of the following requirements:

1) sufficiency of means of Islamic insurance fund for obligation fulfillment for agreements of Islamic insurance (reinsurance) as of January 1 of the year following reporting;

2) obligation fulfillments on refund, listed by the Islamic insurance (reinsurance) organization at the expense of own means to Islamic insurance fund.

6. The amount of the means of Islamic insurance fund which are subject to distribution between insurers is determined according to the following formula:

                                                                                               S=R-E+ (r1-r 2),

where:

R - the amount of the income provided by subitems 1), 2), 3), 4) and 5) of Item 2 of Rules which are actually received in the form of money;

E - the amount of the paid expenses provided by subitems 1), 2), 3), 4) and 5) of item 4 of Rules;

r1 - the amount of insurance reserves for the beginning of financial year;

r2 - the amount of insurance reserves for the end of financial year.

7. The amount of the income of Islamic insurance fund which is subject to distribution between insurers does not join investment incomes of part of the insurance premiums got from insurers under agreements of accumulative insurance for the purposes of investment.

8. The amount of the means of Islamic insurance fund which are subject to distribution between insurers, having negative value accepts value zero.

9. Distribution of means of Islamic insurance fund between insurers is performed in proportion to share of fees of each insurer in Islamic insurance fund.

10. Sufficiency of means of Islamic insurance fund for obligation fulfillment is determined by agreements of Islamic insurance (reinsurance) based on the conclusion of the actuary.

 

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