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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 27, 2015 No. 90

About approval of Rules of receipt of remuneration by the Islamic insurance (reinsurance) organization, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan for management of Islamic insurance fund in the form of part of insurance premium in case of the conclusion of the agreement of Islamic insurance (reinsurance) and (or) part of income gained from investment of means of Islamic insurance fund

(as amended on 17-02-2021)

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 receipt of remuneration by the Islamic insurance (reinsurance) organization, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan for management of Islamic insurance fund in the form of part of insurance premium in case of the conclusion of the agreement of Islamic insurance (reinsurance) and (or) part of income gained from investment of means 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. 90

Rules of receipt of remuneration by the Islamic insurance (reinsurance) organization, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan for management of Islamic insurance fund in the form of part of insurance premium in case of the conclusion of the agreement of Islamic insurance (reinsurance) and (or) part of income gained from investment of means of Islamic insurance fund

1. These rules of receipt of remuneration by the Islamic insurance (reinsurance) organization, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan for management of Islamic insurance fund in the form of part of insurance premium in case of the conclusion of the agreement of Islamic insurance (reinsurance) and (or) part of income gained from investment of means 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 receipt of remuneration by the Islamic insurance (reinsurance) organization, branch of the Islamic insurance (reinsurance) nonresident organization of the Republic of Kazakhstan (further - the Islamic insurance (reinsurance) organization) for management of Islamic insurance fund.

2. The Islamic insurance (reinsurance) organization earns reward for management of Islamic insurance fund in the form of part of insurance premium in case of the conclusion of the agreement of Islamic insurance (reinsurance) and (or) part of income gained from investment of means of Islamic insurance fund.

3. The maximum amount of remuneration, received by the Islamic insurance (reinsurance) organization for management of Islamic insurance fund, affirms the board of directors of the Islamic insurance (reinsurance) organization based on preliminary conclusions of the actuary and council on the principles of Islamic financing.

4. The Islamic insurance (reinsurance) organization does not levy remuneration and (or) does not gain other income for management of Islamic insurance fund in any kind, except for the remuneration specified in Item 2 of Rules.

 

 

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