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. Ceased to be valid according to the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 14.12.2023 No. 678

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

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;

- to make officially in state bodies and other organizations inquiry about provision of data and documents on the questions necessary for preparation of the actuarial conclusion according to the legislation of the Kyrgyz Republic.

11. The actuary shall:

- ensure safety of the documents received during rendering actuarial services;

- not disclose the confidential information obtained from the estimated organization during rendering actuarial services, except as specified, stipulated by the legislation the Kyrgyz Republic;

- submit the estimated organization the documents which are the basis for the conclusion it the relevant contract for implementation of actuarial calculations, creation of the actuarial conclusion and/or rendering other services provided by this Provision;

- constitute the actuarial conclusion with appendix of results of necessary actuarial calculations, descriptions of the used techniques and the actuarial assumptions relevant of the proving data;

- keep timely and complete account of the agreements (agreements), the constituted actuarial conclusions and other data on the activities signed by it;

- provide to authorized state body information on quantity and types of the prepared actuarial conclusions (other types of service), following the results of every half-year;

- store all documents connected with actuarial activities, at least five years;

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