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RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of May 27, 2015 No. 83

About modification of the resolution of Board of National Bank of the Republic of Kazakhstan of July 1, 2011 No. 68 "About approval of the Instruction for conducting financial accounting by certain subjects of the financial market" and approval of the Instruction for conducting financial accounting of transactions on insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan

(as amended of the Resolution of Board of National Bank of the Republic of Kazakhstan of 22.11.2021 No. 100)

According to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", article 52-3 of the Law of the Republic of Kazakhstan "About insurance activity", the subitem 1) of Item 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", the Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Bring in the resolution of Board of National Bank of the Republic of Kazakhstan of July 1, 2011 No. 68 "About approval of the Instruction for conducting financial accounting by certain subjects of the financial market" (registered in the Register of state registration of regulatory legal acts at No. 7121, the following change published on October 5, 2011 in the Yuridicheskaya Gazeta newspaper No. 144 (2134)):

in the Instruction for conducting financial accounting by certain subjects of the financial market approved by the specified resolution:

state Item 2 in the following edition:

"2. This Instruction disaggregates conducting financial accounting of transactions on placement of own money in deposits, loans, securities, derivative tools, the affined precious metals, foreign currency, hedging transactions, and also repo operations and the return repo by the single accumulation pension fund, the Voluntary accumulation pension funds (further - the accumulation pension funds), the organizations performing separate types of banking activities, the insurance (reinsurance) organizations, the Islamic insurance (reinsurance) organizations, societies of mutual insurance, insurance brokers, professional participants of the security market, special finance companies, joint-stock investment funds and the microfinancial organizations (further - the organization).

Action of Chapters 4, of 7, of 9, of the 10 and 11 this Instruction does not extend to the Islamic insurance (reinsurance) organizations.".

2. Approve the enclosed Instruction for conducting financial accounting of transactions for insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan.

3. To accounting department (Rakhmetova S. K.) 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.

4. 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.

5. To impose control of execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Galiyeva D. T.

6. 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. 83

Instruction for conducting financial accounting of transactions for insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan

1. General provisions

1. This Instruction for conducting financial accounting of transactions for insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan (further – the Instruction) is developed according to the subitem 63) of part two of article 15 of the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan", article 52-3 of the Law of the Republic of Kazakhstan "About insurance activity" (further – the Law on insurance activity), the subitem 1) of Item 6 of article 20 of the Law of the Republic of Kazakhstan "About financial accounting and the financial reporting", international accounting standards also disaggregates conducting financial accounting of transactions on insurance and reinsurance by the Islamic insurance (reinsurance) organizations and branches of the Islamic insurance (reinsurance) nonresident organizations of the Republic of Kazakhstan (further – the Islamic insurance (reinsurance) organizations).

2. Making of the additional accounting entries which are not contradicting the Instruction, the legislation of the Republic of Kazakhstan on financial accounting and the financial reporting, the Law on insurance activity and international accounting standards is allowed.

2. Financial accounting of transactions on general insurance (reinsurance)

Paragraph 1. Financial accounting of transactions on insurance (reinsurance) under agreements of Islamic insurance (reinsurance)

3. The amount of the insurance premium which is due under the agreement of Islamic insurance (reinsurance) is recognized as the income from the date of entry into force of the agreement of Islamic insurance (reinsurance). From the date of entry into force of the contract of Islamic insurance (reinsurance) for the amount of the insurance premium specified in the agreement of Islamic insurance (reinsurance) the following accounting entry is performed:

Dt

1280 41

Insurance premiums to obtaining from insurers



1280 42

Insurance premiums to obtaining from reinsurers

Kt

6280 41

Income in type of insurance premiums.

4. In case of the actual obtaining by the Islamic insurance (reinsurance) organization of the added insurance premium the following accounting entry is performed:

Dt

1010

Cash on hand



1030

Money on current accounts

Kt

1280 41

Insurance premiums to obtaining from insurers



1280 42

Insurance premiums to obtaining from reinsurers.

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