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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 27, 2015 No. 89

About approval of Rules of transfer by the Islamic insurance (reinsurance) organization of money to Islamic insurance fund

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 transfer by the Islamic insurance (reinsurance) organization of money to 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. 89

Rules of transfer by the Islamic insurance (reinsurance) organization of money to Islamic insurance fund

1. These rules of transfer by the Islamic insurance (reinsurance) organization of money to Islamic insurance fund (further - Rules) are developed according to the Law of the Republic of Kazakhstan of December 18, 2000 "About insurance activity" for the purpose of determination of procedure for transfer by the Islamic insurance (reinsurance) organization of money to Islamic insurance fund.

2. In case of insufficiency of means of Islamic insurance fund for obligation fulfillment for agreements of Islamic insurance the Islamic insurance (reinsurance) organization within five working days contributes to Islamic insurance fund money at the expense of own means with condition of their return in the future at the expense of cash receipts in Islamic insurance fund.

3. The amount of money necessary for obligation fulfillment under agreements of Islamic insurance (reinsurance) and contributed to Islamic insurance fund, is determined based on the conclusion of the actuary.

4. The refund, listed by the Islamic insurance (reinsurance) organization to Islamic insurance fund, is performed on condition of excess of the amount of the income of Islamic insurance fund over expenses of Islamic insurance fund which developed as of reporting date.

5. The refund amount from Islamic insurance fund does not exceed amount of money, the Rules listed by the Islamic insurance (reinsurance) organization in Islamic insurance fund according to Item 2.

 

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