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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of June 1, 2017 No. 321

About questions of activities of actuaries in the Kyrgyz Republic

For the purpose of regulation of activities of actuaries in the Kyrgyz Republic, in compliance with the Law of the Kyrgyz Republic "About the organization of insurance 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 Regulations on actuarial activities in the Kyrgyz Republic according to appendix.

2. Bring in the order of the Government of the Kyrgyz Republic "About approval of Provisional regulations for licensing of separate types of activity in the field of the non-bank financial sector" of December 12, 2016 No. 661 the following amendments:

in Provisional regulations for the licensing of separate types of activity in the field of the non-bank financial sector approved by the above-stated resolution:

- add Item 2 with the paragraph the nineteenth the following content:

"-actuarial activities.";

- add with Chapter 9-1 of the following content:

"9-1. Features of licensing of actuarial activities

34-1. The license for actuarial activities is termless and acts on all territory of the Kyrgyz Republic.

34-2. The licensed actuarial activities consist of performance of works and (or) rendering services in implementation of actuarial activities.

34-3. For receipt of the license for implementation of actuarial activities the following documents are submitted:

- the statement of the established form;

- the copy of the certificate on state registration - for the individual entrepreneur;

- the copy of the document confirming introduction of the license fee for consideration of the application and licensing;

- the copies of the documents confirming availability of the higher economic, mathematical or technical education (with appendix), which are notarially certified;

- certificate of lack of criminal record.".

3. This resolution becomes effective after fifteen days from the date of official publication.

Prime Minister

S. Zheenbekov

Appendix

Regulations on actuarial activities in the Kyrgyz Republic

1. General provisions

1. This Regulations on actuarial activities in the Kyrgyz Republic (further - the Provision) establish the main requirements to implementation of actuarial activities in the Kyrgyz Republic.

2. Actuarial activities are performed according to the Law of the Kyrgyz Republic "About the organization of insurance in the Kyrgyz Republic", the international treaties which came in the procedure established by the law into force which participant is the Kyrgyz Republic, and this Provision.

3. The basic concepts used in this Provision:

- actuarial activities - activities for the analysis and quantitative, financial risks assessment and (or) the risks of financial liabilities caused by availability, and also development and efficiency evaluation of financial risk management methods;

- the actuarial conclusion - the document which is prepared following the results of actuarial estimation containing valid conclusions about amount of financial liabilities of the organizations, about possibility of their accomplishment or about possibility of achievement of certain financial performance and is held for use the estimated organization;

- actuarial calculations - calculations of the tariff charges of insurance with use of mathematical and statistical techniques;

- actuarial estimation - type of actuarial activities for the analysis and quantitative, financial risks assessment and (or) the risks of financial liabilities caused by availability of which the actuarial conclusion is result;

- the estimated organization - the legal entity, signed the contract for rendering actuarial services;

- authorized body - authorized state body in the sphere of supervision and regulation of the financial market.

2. The qualification requirements imposed to actuaries

4. Person meeting the following requirements can be the actuary:

- have the corresponding license for the right of implementation of actuarial activities;

- have the higher economic, mathematical or technical education recognized in the Kyrgyz Republic;

- not have criminal record for making of crimes which is not extinguished or is not removed in the procedure established by the law.

3. Requirements imposed to actuarial activities

5. Actuarial services are rendered on the basis and according to the agreement signed between the estimated organization and the actuary in writing.

6. Actuarial calculations, assessment and the analysis are based on the principles:

1) completeness;

2) objectivity;

3) transparency;

4) independence;

5) justification.

7. The actuarial conclusion shall contain:

- information about the actuary;

- data on the estimated organization;

- date of creation of the actuarial conclusion;

- date as of which actuarial estimation is carried out;

- the list of the information provided by the estimated organization;

- the description of technique of carrying out actuarial calculations allowing to perform reliability of the conclusions which are in actuarial prison;

- information on the mathematical models and statistical data used when carrying out actuarial estimation for reasons for the conclusions which are in actuarial prison;

- the answer to the task set for the actuary in the agreement on carrying out actuarial estimation, the results of actuarial calculations necessary for reasons for conclusions of the actuarial conclusion;

- conclusions and recommendations about elimination of the revealed shortcomings.

8. By results of carrying out actuarial estimation by the actuary the actuarial conclusion which reflects the assumptions and assumptions used when calculating and their reasons is taken out.

9. The actuarial conclusion is drawn up in form according to appendix to this Provision in 2 (two) copies on paper and signed by the actuary.

One copy of the actuarial conclusion is stored at the actuary, the second copy is stored in the estimated organization.

4. Rights and obligations of the actuary

10. The actuary has the right:

- to independently determine methods of actuarial calculations;

- request access to documentation from the estimated organization, receive oral and written explanations, and also the additional data necessary for rendering actuarial services;

- get acquainted with the financial reporting and other documents of the estimated organization, use (studying) of which is necessary for carrying out actuarial calculations;

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