Unofficial translation
Footnote. Title - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).In accordance with the Law of the Republic of Kazakhstan dated December 18, 2000 “On Insurance Activities”, the Board of the National Bank of the Republic of Kazakhstan hereby RESOLVED AS FOLLOWS:
1. To approve:
1) The minimum mandatory training program for actuaries in accordance with Appendix 1 to this Resolution;
2) The list and requirements for international associations of actuaries in accordance with Appendix 2 to this Resolution;
3) Requirements for the content and procedure for provision of a mandatory actuarial opinion in accordance with Appendix 3 to this Resolution;
4) Requirements for confirmation of the qualifications of an actuary in accordance with Appendix 4 to this Resolution;
5) The rules and terms of engaging an independent actuary to verify the activities of an actuary who is on the staff of an insurance (reinsurance) organization, sending by an independent actuary the results of verification of the reliability of calculations made by an actuary who is on the staff of an insurance (reinsurance) organization, in accordance with Appendix 5 to this Resolution;
6) the Rules for issuing a license for the right to carry out actuarial activities in the insurance market in accordance with Appendix 6 to this Resolution;
7) the Rules for conduct a testing in accordance with Appendix 7 to this Resolution.
Footnote. Paragraph 1 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).2. The following shall be declared to be no longer in force:
1) Resolution No. 151 of the Board of the National Bank of the Republic of Kazakhstan dated July 16, 2014 “On Approval of the Rules for Actuarial Activities, Issuing Licenses for Actuarial Activities, Passing a Qualification Exam by an Actuary, Engaging an Independent Actuary to Verify the Activities of an Actuary, Direction by an Independent Actuary of the Results of Audit for Reliability of Calculations, made by an Actuary, who is on the Staff of an Insurance (Reinsurance) Organization”(registered in the Register of State Registration of Regulatory Legal Acts under No. 9718, published on October 3, 2014 in the Legal Information System “Adilet”);
2) Paragraph 15 of the List of Regulatory Legal Acts of the Republic of Kazakhstan on the issues of optimization and automation of business processes of State services provided by the National Bank of the Republic of Kazakhstan, which is amended and supplemented, approved by Resolution No. 261 of the Board of the National Bank of the Republic of Kazakhstan dated December 24, 2014 "On Amendments and Additions to Certain Regulatory Legal Acts of the Republic of Kazakhstan on the Issues of Optimization and Automation of Business Processes of State Services Provided by the National Bank of Kazakhstan" (registered in the Register of State Registration of Regulatory Legal Acts under No. 10211, published on February 26, 2015 in the Legal Information System "Adilet").
3. The Department for the Regulation of Non-Bank Financial Organizations (Kosherbayeva A.M.), in accordance with the procedure established by the legislation of the Republic of Kazakhstan, shall ensure:
1) Jointly with the Legal Department (Sarsenova N.V.), the State registration of this Resolution with the Ministry of Justice of the Republic of Kazakhstan;
2) within ten calendar days from the date of State registration of this Resolution, send it in Kazakh and Russian languages to the Republican State Enterprise on the Basis of the Right of Economic Management "Republican Center of Legal Information" for official publication and inclusion in the Reference Control Bank of Regulatory Legal Acts of the Republic of Kazakhstan;
3) place this Resolution on the official Internet resource of the National Bank of the Republic of Kazakhstan after its official publication;
4) within ten working days after the State registration of this Resolution, submission to the Legal Department of information on the implementation of measures provided by subparagraphs 2), 3) of this paragraph and paragraph 4 of this Resolution.
4. Consumer Protection Office of Financial Services and External Communications (A.L. Terentyev) shall ensure, within ten calendar days after the state registration of this Resolution, the direction of its copy to official publication in periodicals shall ensure, within ten calendar days after the State registration of this Resolution, the direction of its copy to official publication in periodicals.
5. The supervising the Deputy Chairman of the National Bank of the Republic of Kazakhstan, Zh.B. Kurmanov shall be authorized to oversee the implementation of this Resolution.
6. This Resolution shall be enforced upon expiry of twenty one calendar days after its first official publication.
|
Chairman of the National Bank |
D. Akishev |
"AGREED"
Ministry of Information and
Communications of the Republic of Kazakhstan
_______________ D. Abayev
of October, 23 2018
"AGREED"
Ministry of National Economy
of the Republic of Kazakhstan
_______________ T. Suleimenov
of October 24, 2018
| Appendix 1 to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
The minimum required actuarial training program
Footnote. The minimum mandatory program - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced sixty calendar days after the day of its first official publication).
1. The minimum required actuarial training program shall consist of the following six courses:
Course 1. Theory of interest rates and accidental processes in life insurance, including the following topics:
basics of simple and compound interest;
financial annuities;
loans and repayment schedules;
debt securities;
survival tables;
insurance annuities;
theory of individual life insurance;
the theory of joint life insurance;
pension insurance.
Course 2. Actuarial principles and their applications, covering the following topics:
practical application of the theory of interest rates;
actuarial valuation of insurance annuities;
life insurance: product development, marketing and underwriting basics;
reserve valuation and minimum capital requirements in life insurance;
analysis and evaluation of the profitability of life insurance products;
general insurance: insurance products, basics of pricing and valuation of reserves;
group insurance in case of death and disability: insurance programs, underwriting basics for large and small groups, pricing and reserve assessment basics;
collective health insurance: types of insurance coverage, managed care programs, pricing and reserve assessment basics;
reinsurance;
pension programs and social security;
an overview of the economics of insurance;
basics of investment management.
Course 3. General insurance and reinsurance, including part A and part B.
Part A: Actuarial Models in General Insurance shall cover the following topics:
utility theory and economics of insurance;
theory of individual risks;
theory of collective risks;
loss models;
properties of probability distributions of losses;
estimation of probability distributions of losses;
theory of certainty.
Part B. General insurance and reinsurance shall include the following topics:
types of general insurance, insurance products, risk factors and underwriting, limitations on insurance coverage;
pricing, methods of adjusting insurance premiums;
classification of risk groups and differentiation of insurance premium rates;
reserves assessment: collection and organization of data, basic and special methods for reserve assessment;
principles and types of reinsurance programs;
choice of reinsurance program in general insurance.
Course 4. Life and health insurance, including part A and part B.
Part A: Actuarial models in life insurance shall cover the following topics:
actuarial control cycle;
types of life insurance products, product development, underwriting, business environment impact, risk factors, risk management;
principles of actuarial modelling in life insurance;
pricing strategies and methods;
profitability analysis and testing;
taxation in life insurance;
construction of mortality tables.
Part B. Evaluation of reserves and capital requirements in life insurance, collective life insurance, and health insurance shall include the following topics:
methods for estimating reserves in life insurance;
capital requirements;
investments;
asset and liability management;
solvency and assessment of capital adequacy;
profit distribution;
financial statements;
monitoring and adjustments based on experience;
collective insurance in case of death and disability: risk factors, underwriting, pricing and assessment of reserves;
individual and collective health insurance: underwriting, pricing and assessment of reserves;
reinsurance;
issues of professionalism in the work of an actuary.
Course 5. Pensions and social insurance, including part A and part B.
Part A: Actuarial valuation of pension and social security plans shall include the following topics:
review of pension programs, relative and absolute standards for the level of retirement income;
types of programs by type of administration (state, corporate, individual);
different designs of pension plans (defined benefit, defined contribution, hybrid);
types of programs according to the method of financing (solidary, funded, hybrid);
advantages and disadvantages of defined benefit and defined contribution programs, risk factors, risk assessment, program design, and program selection criteria;
types of corporate pension programs;
actuarial methods for estimating the amount of contributions to finance defined benefit pension plans;
steps in the actuarial valuation process for defined benefit plans (determining valuation parameters; data collection, analysis and reconciliation; actuarial assumptions; valuation; sensitivity analysis, reporting);
financial reporting requirements for corporate defined benefit pension plans;
actuarial valuation of benefits from defined contribution plans;
investment of pension assets;
principles and types of social security systems, the regulatory formula for pension income and replacement rate, program design (program conditions and parameters);
comparative analysis of the advantages and disadvantages of various methods of financing pension programs with public administration;
actuarial valuation of the cost of financing social security programs using forecasts of regulatory, financial and macroeconomic parameters, population and labour force dynamics;
application of the Monte Carlo method for the simulation of economic system risks.
Part B. Macroeconomic forecasting of parameters used in actuarial valuation based on econometric modelling shall include the following topics:
linear regression model;
forecasting using a single equation model;
models with a distributed lag;
nonlinear estimates and the maximum likelihood method;
evaluation using a system of joint equations;
time series analysis: smoothing and extrapolation of time series;
stochastic time series;
linear time series;
evaluation and forecasting using time series models.
Course 6. Insurance organizations and pension funds: financing and investment, including part A and part B.
Part A. Insurance organizations and pension funds: financing and investment shall include the following topics:
ethical and professional standards in investment activities;
quantitative methods for evaluating investments;
fundamentals of microeconomics;
fundamentals of macroeconomics and the impact of macroeconomic factors and government regulation on stock markets;
financial reporting and financial analysis of the results of financial and economic activities;
fundamentals of corporate finance;
types of investments: stocks, fixed-income securities, currency market instruments, derivatives, alternative investment instruments;
investment portfolio management and financial resource planning:
risk and return;
assets and investments of insurance organizations, pension funds, and social insurance trust funds;
investment risks of insurance organizations;
financial planning for insurance companies: ratios between assets and liabilities.
Part B. Government regulation and financial reporting in insurance shall include the following topics:
financial statements of insurance companies;
financial analysis using early response ratios;
financial planning for insurance companies: ratios between assets and liabilities;
requirements for the capitalization of insurance companies based on risk assessment;
international financial reporting standards in insurance;
an overview of the solvency systems I and solvency II of the European Union;
international principles of insurance supervision;
principles, objectives, characteristics and benefits of a risk-based insurance supervision system;
the role of actuaries in the prudential regulation of the insurance industry;
legislation of the Republic of Kazakhstan on insurance and insurance activities, taxation, and accounting in the insurance market.
2. The provisions of this Minimum Mandatory Actuarial Training Program applicable to insurance companies shall apply to the branches of non-resident insurance companies of the Republic of Kazakhstan, opened on the territory of the Republic of Kazakhstan, taking into account the specifics provided for by the Law of the Republic of Kazakhstan "On Insurance Activities".
3. The schedule of training (examinations) for the minimum mandatory training program for actuaries shall be published by an organization that is a member of the international actuarial association on its official website at least three months before the start of training (examination date).
4. Up-to-date information on persons who have attended and (or) successfully passed the courses of the minimum mandatory training program for actuaries shall be stored by an organization that is a member of the international actuarial association and is published on its official Internet resource.
| Appendix 2 to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
List and requirements for international associations of actuaries
Footnote. Appendix 2 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).
1. List of international associations of actuaries:
1) German Actuarial Society;
2) Institute of Actuaries of France;
3) Austrian Actuarial Society;
4) Canadian Institute of Actuaries;
5) Actuarial Society of Finland;
6) Danish Society of Actuaries;
7) international associations of actuaries that have full member status of the International actuarial association and (or) the Actuarial Association of Europe.
2. The International association of actuaries meets the following requirements:
1) has an educational qualification system;
2) has requirements for compliance with the educational qualification system of the members of the association or provisions for its recognition;
3) has internal documents regulating the procedure for carrying out the activities of actuaries (standards for the activities of actuaries and implementation of actuarial calculations, a code of professional ethics).
| Appendix 3 to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Requirements for the content and procedure for providing a mandatory actuarial opinion
Footnote. Appendix 3 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).
1. Mandatory actuarial opinion contains obligatory actuarial calculations of the amount of insurance reserves of an insurance (reinsurance) organization as of January 1 of the year following the reporting year, carried out by an actuary licensed to carry out actuarial activities in the insurance market (hereinafter referred to as a licensed actuary), being on the staff of the insurance (reinsurance) organization. The actuarial opinion is drawn up in the form in accordance with Appendix 1 to these Requirements and submitted to the authorized body for regulation, control and supervision of financial market and financial organizations (hereinafter - the authorized body) by April 30 of the year following the reporting year.
2. An actuarial opinion is drawn up in at least 3 (three) copies and signed by a licensed actuary. One copy of the actuarial opinion remains with the licensed actuary, one copy is submitted by the insurance (reinsurance) organization to the authorized body, the remaining copies of the actuarial opinion are kept by the insurance (reinsurance) organization.
3. When calculating insurance reserves, a report of the insurance (reinsurance) company, received in accordance with paragraph 4 of Article 19 of the Law of the Republic of Kazakhstan dated December 18, 2000 “On Insurance Activities” (hereinafter referred to as the Law), and materials required for calculating insurance reserves or used by a licensed actuary, shall be attached to the actuarial opinion.
Footnote. Paragraph 3 - as amended by the resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of financial market dated 05.02.2021 No. 7 (shall be enforced upon expiry of twenty-one day after the date of its first official publication).4. The opinion of a licensed actuary on a major transaction contains recommendations of a licensed actuary on a major insurance (reinsurance) contract and is drawn up in the form of an actuarial opinion on a major transaction in the form in accordance with Appendix 2 to these Requirements.
5. An actuarial opinion on a major transaction is drawn up in at least 2 (two) copies and signed by a licensed actuary. One copy of the actuarial opinion on a major transaction remains with the licensed actuary, the remaining copies are submitted to the insurance (reinsurance) organization.
6. The provisions of these Requirements applicable to insurance (reinsurance) companies shall apply to branches of insurance (reinsurance) companies that are non-residents of the Republic of Kazakhstan, opened on the territory of the Republic of Kazakhstan, by reference to specific features provided for by the Law.
Footnote. The Requirements as amended with paragraph 6 in accordance with the resolution of the Board of the Agency of the Republic of Kazakhstan for regulation and development of financial market dated 05.02.2021 No. 7 (shall be enforced upon expiry of twenty-one day after the date of its first official publication).| Appendix 1 to the Requirements for the content and procedure for providing mandatory actuarial opinion |
|
| Form |
Actuarial opinion
1. Actuarial calculations performed as of _____________________________
2. Purpose of drawing up an actuarial opinion _________________________
_______________________________________________________________
3. Information on the insurance (reinsurance) organization:
1) full name ______________________________________________________
________________________________________________________________;
2) location and bank details __________________________________________
________________________________________________________________;
3) date and number of state registration _________________________________
________________________________________________________________;
4) a license for the right to carry out insurance (reinsurance) activities
_________________________________________________________________
_________________________________________________________________.
(number and date of issue)
4. Data on the actuary:
1) surname, name, patronymic (if any) ___________________________________;
2) place of residence (location) _________________________________________
__________________________________________________________________;
3) a license for the right to carry out actuarial activities in the insurance market
___________________________________________________________________
(number and date of issue)
5. Type of actuarial opinion:
1) by the degree of obligation:
initiative - carried out at the initiative of the insurance (reinsurance) organization;
mandatory - carried out in cases provided by the law of the Republic of Kazakhstan;
2) by industry (class) of insurance:
carried out in the industry "life insurance";
carried out in the industry "general insurance";
carried out under reinsurance or classes according to the classification,
established by Article 6 of the Law of the Republic of Kazakhstan dated December 18, 2000
"On insurance activities";
3) by the purpose of compilation:
reporting - carried out at the reporting date under insurance and
reinsurance contracts of an insurance (reinsurance) organization;
planned - carried out when introducing the insurance and reinsurance
by a new class of insurance into the activities of insurance (reinsurance) organization;
subsequent - carried out with the aim of adjusting previously conducted
actuarial calculations;
4) by the scale of application:
general - designed for use throughout the territory of the Republic of Kazakhstan,
as well as outside;
regional - designed for individual regions of the Republic of Kazakhstan;
individual - designed for an individual policyholder and (or) group of
policyholders (legal entities and (or) individuals).
6. List of documents (information) submitted by the insurance (reinsurance) organization
___________________________________________________________________
___________________________________________________________________
___________________________________________________________________.
7. Materials and data used by the actuary (their sources and (or) place of
receipt)
___________________________________________________________________
____________________________________________________________________.
8. Methodology of calculation used by the actuary:
1) methodology of calculation, including description, justification,
assumptions used by the actuary in calculating insurance reserves and the share of
reinsurer in insurance reserves. In the case of actuarial calculations by the industry
“life insurance”, the parameters of the reserve and tariff
bases by type of insurance are indicated
____________________________________________________________________
____________________________________________________________________;
2) statistical and other data used in actuarial calculations
____________________________________________________________________;
3) total insurance premiums under valid insurance
(reinsurance) contracts, the number of reported losses used in the calculations of
insurance reserves by classes of insurance
____________________________________________________________________;
4) methods and models used to calculate the share of the reinsurer in insurance reserves
____________________________________________________________________;
5) rationale for choice of the method for calculating the reserve for incurred but not declared
losses (hereinafter - RIDL), the period of losses used to calculate the RIDL, the choice of the
loss development ratio, as well as the smoothing of major losses
____________________________________________________________________;
6) justification and calculation of the amount of obligations of the insurance (reinsurance)
organization related to re-examination and (or) extension of the degree of
disability, deterioration in health of the beneficiary, taken into account
when calculating RIDL for the class of compulsory employee insurance against accidents
in the performance of his labor (official) duties, indicating all
parameters used in the calculation
____________________________________________________________________;
7) the table used containing the probabilities of death,
disabilities, diseases and the values calculated on their basis associated with
the future life expectancy of males and (or) females
(source of formation, building methodology) when calculating insurance reserves for
life insurance contracts and annuity insurance contracts, with its
application
____________________________________________________________________
____________________________________________________________________;
8) calculation of the amount and justification of the estimated costs, directly
related to the consideration and settlement of the amount of insurance payments on
the declared requirements, as well as the calculation of the average value of the paid claims,
made by groups of insured events
____________________________________________________________________;
9) conclusion on the presence or absence of additional risks in the insurance (reinsurance)
organization. If there are additional risks,
the amount of the increase in insurance reserves is indicated
____________________________________________________________________
____________________________________________________________________;
10) description of the assistance received by the actuary from the involved specialists
____________________________________________________________________.
9. Results received and conclusions:
1) the results of actuarial calculations of insurance reserves and the reinsurer's share in
insurance reserves by classes of insurance;
2) the results of the test for the adequacy of reserves for losses, including
retrospective analysis based on data for the last 12 (twelve) months,
separately for each class of insurance and for the insurance portfolio as a whole. Conclusions
on the sufficiency (insufficiency) of insurance reserves and, in case of insufficiency of
insurance reserves, analysis of the causes of insufficiency;
3) results and conclusions.
10. Recommendations (if absent, indicate "no")
____________________________________________________________________.
11. Terms of preparation and place of drawing up an actuarial opinion
____________________________________________________________________.
12. Signature, date and number of copies
___________________________________________________________________.
| Appendix 2 to the Requirements for the content and procedure for providing mandatory actuarial opinion |
|
| Form |
Actuarial opinion on a major transaction
1. Information on the insurance (reinsurance) organization:
1) full name
_______________________________________________________
______________________________________________________;
2) location and bank details
_______________________________________________________
_______________________________________________________;
3) date and number of state registration
_______________________________________________________
_______________________________________________________;
4) a license for the right to carry out insurance (reinsurance) activities
_______________________________________________________
_______________________________________________________.
(number and date of issue)
2. Data on the actuary:
1) surname, name, patronymic (if any) ________________________
_______________________________________________________;
2) a license for the right to carry out actuarial activities in the insurance market
_______________________________________________________.
3. List of data provided by the insurance (reinsurance) organization
________________________________________________________
________________________________________________________
________________________________________________________.
4. Materials and data used by the actuary (their sources and (or) place of receipt), including
the regulatory legal acts of the Republic of Kazakhstan
_________________________________________________________
_________________________________________________________
5. Data on the insurance (reinsurance) contract:
1) the policyholder ___________________________________________;
2) a list of covered insurance risks and exceptions for these risks
_________________________________________________________;
3) class and object of insurance _______________________________;
4) the planned period of insurance (start and end dates of the contract of
insurance and insurance coverage)
_________________________________________________________;
5) the sum insured for each insured event and (or) under the insurance
(reinsurance) contract
_________________________________________________________;
6) insurance tariff (standard, increased, reduced) and its size
_________________________________________________________;
7) insurance premium _______________________________________;
8) commission to an agent or an insurance broker
_________________________________________________________;
9) deductible for each insured event and (or) under the insurance
(reinsurance) contract (if any)
_________________________________________________________
_________________________________________________________.
If there are several objects of insurance, except for collective
insurance and group personal insurance, data provided in
subparagraphs 5), 6), 7), 9) of this paragraph are indicated separately for each
object of insurance.
6. Results and conclusions:
1) recommendations of the actuary on a major transaction;
2) additional recommendations (if any).
7. Signature, date __________________________________________.
| Appendix 4 to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Requirements for confirmation of qualifications of an actuary
Footnote. Appendix 4 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication); as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced upon the expiration of sixty calendar days after the day of its first official publication).
1. A licensed actuary confirms his qualifications for the reporting period as of January 1 of the year following the reporting period, within 2 (two) months of the year following the reporting period.
The reporting period is 3 (three) financial years starting from January 1, 2019.
For actuaries who have received a license to carry out actuarial activities in the insurance market after January 1, 2019, the reporting period is calculated from January 1 of the year following the year during which the actuary received a license to carry out actuarial activities in the insurance market.
2. Confirmation of qualifications by a licensed actuary is carried out by passing a professional development program by a licensed actuary (hereinafter - the PDP).
3. Activities (types of events) of the PDP and the number of qualifying points for participation in the PDP are determined according to the professional development program in Appendix 1 to these Requirements.
4. To confirm the qualification, the licensed actuary shall gain 1200 qualifying points under the PDP program during the reporting period.
For the purposes of paragraphs 4, 5, 6, 7, 10, 11, 12 or 15 of the PDP program, for each event carried out by an organization that is a member of the international actuarial association, the number of points shall be increased by 100 points.
5. To confirm qualifications, the licensed actuaries submit information to the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter - the authorized body) on confirmation of the qualifications of the licensed actuary in the form in accordance with Appendix 2 to these Requirements (hereinafter - Information), with the documents attached confirming the information specified in the Information.
| Appendix 1 to the Requirements for confirmation of qualification of an actuary |
Professional Development Program
Footnote. Annex 1 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced upon the expiration of sixty calendar days after the day of its first official publication).
No. | Direction of activity | Number of points |
1 | Publication of an article in a foreign publication on actuarial activities | 600 |
2 | Publication of an article in printed periodicals on actuarial activities | 500 |
3 | Participation in the International Congress of Actuaries | 1000 |
4 | Participation in the international conference on actuarial activity | 800 |
5 | Participation in the international conference on financial activities | 700 |
6 | Participation in the republican conference on actuarial activities | 600 |
7 | Participation in the republican conference on financial activities | 400 |
8 | Participation in a seminar, training of foreign countries on actuarial activities | 500 |
9 | Participation in a seminar, and training of foreign countries on insurance activities | 400 |
10 | Participation in a seminar, webinar, master classes, and online training in the territory of the Republic of Kazakhstan or abroad on actuarial activities | 200 |
11 | Participation in a seminar, webinar, master classes, online training in the territory of the Republic of Kazakhstan or abroad on insurance activities | 150 |
12 | Implementation of teaching activities in actuarial disciplines (per semester) | 800 |
13 | Successful completion of one of the actuarial exams SOA (Society of Actuaries) (USA), CAS (Casualty Actuarial Society) (USA), Institute and Faculty of Actuaries (United Kindom), Actuaries Institute (Australia), Canadian Institute of Actuaries (Canada), CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) | 1200 |
14 | Carrying out activities as the supervisor of master's theses in the "Actuary" specialization | 500 |
15 | Participation in a seminar, webinar, master classes, training on the territory of the Republic of Kazakhstan or abroad as a lecturer | 600 |
| Appendix 2 to the Requirements for confirmation of qualification of an actuary |
|
| Form |
Information on confirmation of qualifications of a licensed actuary
Surname, name, patronymic (if any) of the actuary:
Area of activity | Result | Review | Date of passing | Term of passing |
| Appendix 5 to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Rules and terms of engaging an independent actuary to verify the activities of an actuary who is on the staff of an insurance (reinsurance) organization, sending by an independent actuary the results of verification of reliability of calculations made by an actuary who is on the staff of an insurance (reinsurance) organization
Footnote. Appendix 5 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication); as amended the resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of financial market dated 05.02.2021 No. 7 (shall be enforced upon expiry of twenty-one day after the date of its first official publication); by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced upon the expiration of sixty calendar days after the day of its first official publication).
1. These Rules and terms of engaging an independent actuary to verify the activities of an actuary who is on the staff of an insurance (reinsurance) organization, sending by an independent actuary the results of verification of reliability of calculations carried out by an actuary who is on the staff of an insurance (reinsurance) organization (hereinafter - the Rules) are developed in accordance with the Law of the Republic of Kazakhstan dated December 18, 2000 "On insurance activities" (hereinafter referred to as the Law) and establish the procedure and terms for engaging an independent actuary to verify the activities of an actuary who has a license for the right to carry out actuarial activities in the insurance market, issued by the authorized body for the regulation, control and supervision of the financial market and financial organizations, who is on the staff of an insurance (reinsurance) company, a branch of an insurance (reinsurance) company - non-resident of the Republic of Kazakhstan (hereinafter referred to as the in-house actuary), submission by an independent actuary of the results of verification of the reliability of calculations carried out by the in-house actuary.
2. An independent actuary is hired by an insurance (reinsurance) organization to conduct mandatory or initiative verifications.
3. An independent actuary complies with the requirements provided for in paragraph 6 of Article 11-1 of the Law.
4. Mandatory verification of the activities of a full-time actuary is carried out as of January 1 of the year following the reporting year, at least once a calendar year, and includes verification of actuarial calculations to assess the amount of insurance reserves of the insurance (reinsurance) organization, as well as the correctness of drawing up the actuarial opinion on the specified assessment.
5. An insurance (reinsurance) organization verifies the activities of a full-time actuary with one independent actuary for no more than 5 (five) consecutive years.
6. It shall be prohibited to involve an independent actuary to check a full-time actuary, in the following cases:
1) an independent actuary is an affiliated person of the insurance (reinsurance) company, the staff of which is the audited full-time actuary, its shareholders and (or) executives and (or) a relative of the full-time actuary;
2) concerning the activities of an independent actuary, an audit was carried out by a full-time actuary as an independent actuary within 1 (one) calendar year before the end date of the audit or as of January 1 of the year preceding the reporting one, depending on which of the specified dates is later;
3) during the last 2 (two) calendar years, an independent actuary has been operating in an insurance (reinsurance) company that employs an audited full-time actuary.
An independent actuary shall submit to the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the Authorized body) information on the actuary's affiliates in form 1 and information on actuarial activities in form 2 in accordance with Annex 1 to the Rules.
7. An initiative audit of the activities of a full-time actuary shall be carried out at the initiative of the general meeting of shareholders, the board of directors and (or) the board of the insurance (reinsurance) company, the authorized body of the branch of the insurance (reinsurance) company-non-resident of the Republic of Kazakhstan, taking into account specific tasks, terms and scope of the audit provided for by the contract for an audit concluded between an insurance (reinsurance) company, a branch of an insurance (reinsurance) company that is a non-resident of the Republic of Kazakhstan and an independent actuary.
8. The results of verification of the activities of a full-time actuary by an independent actuary, including verification of the reliability of actuarial calculations, are drawn up in the form of an actuarial opinion of an independent actuary in the form in accordance with Appendix 2 to the Rules in at least 3 (three) copies.
9. A copy of the statements of the insurance (reinsurance) organization received in accordance with paragraph 4 of Article 19 of the Law and the calculations made by the independent actuary when verifying the activities of the full-time actuary is attached to the actuarial opinion of the independent actuary.
10. One copy of an actuarial opinion of an independent actuary, with the exception of a mandatory actuarial verification of the activities of a full-time actuary, is submitted by an independent actuary to the authorized body within 10 (ten) calendar days after the end of the verification. One copy of the actuarial opinion of the independent actuary remains with the independent actuary, the remaining copies are kept by the insurance (reinsurance) organization.
11. An actuarial opinion of an independent actuary on mandatory actuarial verification of the activities of a full-time actuary as of January 1 of the year following the reporting year is submitted by an independent actuary to the authorized body within 10 (ten) calendar days after the end of the verification, but no later than April 30 of the year, following the reporting one.
An actuarial opinion of an independent actuary is submitted with the attachment of a document confirming the membership of an independent actuary in the international association of actuaries (if any), the list and requirements for which are set out in Appendix 2 to this Resolution.
| Appendix 1 to the Rules and terms of engaging an independent actuary to verify activities of an actuary, who is on the staff of insurance (reinsurance) organization, sending by an independent actuary of the results of verification of reliability of calculations, carried out by the actuary, who is on the staff of insurance (reinsurance) organization |
|
| Form 1 |
Information on the actuary's affiliates
Individuals | |||||
№ |
Surname, | Date of birth, personal identification number | Grounds for recognizing affiliation | Note | |
1 | 2 | 3 | 4 | 5 | |
Legal entities | |||||
№ | Full name of the legal entity | Date and number of state registration of the legal entity, business identification number, postal address and actual location of the legal entity | Grounds for recognizing affiliation | Affiliation date | Note |
1 | 2 | 3 | 4 | 5 | 6 |
Surname, name, patronymic (if any) of the actuary
_____________________________________________
Signature _____________
Date________________
| Form 2 |
Information on implementation of actuarial activities
For ________ yr
№ | Type of actuarial services, type of actuarial opinion | Insurance (reinsurance) organization | Basis for preparation of an actuarial opinion | The subject of actuarial research |
1 | 2 | 3 | 4 | 5 |
Surname, name, patronymic (if any) of the actuary
________________________________________________________________________
Signature _____________
Date_________________
| Appendix 2 to the Rules and terms of engaging an independent actuary to verify activities of an actuary, who is on the staff of insurance (reinsurance) organization, sending by an independent actuary of the results of verification of reliability of calculations, carried out by the actuary, who is on the staff of insurance (reinsurance) organization |
|
| Form |
Actuarial opinion of an independent actuary
1. Actuarial assessment performed as of_______________________________.
2. Purpose of drawing up an actuarial opinion___________________________
_______________________________________________________________.
3. Information on the insurance (reinsurance) organization:
1) full name _____________________________________________________
_______________________________________________________________;
2) location and bank details _________________________________________
_______________________________________________________________;
3) date and number of state registration ________________________________
________________________________________________________________;
4) a license for the right to carry out insurance (reinsurance) activities
_______________________________________________________________
_______________________________________________________________.
(number and date of issue)
4. Information on the independent actuary:
1) surname, name, patronymic (if any) _________________________________
_______________________________________________________________;
2) place of residence (location) _______________________________________
_______________________________________________________________;
3) a license to carry out actuarial activities
_______________________________________________________________.
(number and date of issue)
5. Customer of the actuarial assessment _______________________________
_______________________________________________________________.
6. Type of verification (mandatory, initiative) __________________________
______________________________________________________________.
7. Basis for preparation of actuarial calculations ________________________
_______________________________________________________________
_______________________________________________________________.
(agreement, number and date of conclusion of the agreement)
8. List of documents (information) submitted by the insurance (reinsurance) organization
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________.
9. Other materials and data used by the actuary (their sources and (or) place of receipt)
_______________________________________________________________
_______________________________________________________________.
10. The subject of actuarial research (list of tasks)
_______________________________________________________________
_______________________________________________________________.
11. Methodology used by an independent actuary in calculating insurance reserves
and the reinsurer's share in insurance reserves:
1) calculation methodology, including description, justification, assumptions
used by the independent actuary in calculating insurance
reserves and the reinsurer's share in insurance reserves. In case of
actuarial assessment for the “life insurance” industry, the parameters of
reserve and tariff bases by type of insurance are specified
_______________________________________________________________;
2) statistical and other data used by an independent actuary in actuarial calculations
_______________________________________________________________
_______________________________________________________________;
3) the total amount of insurance premiums under valid insurance
(reinsurance) contracts, the number of claimed losses used by the independent
actuary in the calculation of insurance reserves in the context of insurance classes
_______________________________________________________________
_______________________________________________________________;
4) methods and models used by an independent actuary to assess the share of the reinsurer in insurance reserves
_______________________________________________________________
_______________________________________________________________;
5) rationale for the choice of the method for calculating the reserve for incurred but
not declared losses (hereinafter - RIDL), the period of losses used to calculate the RIDL, the choice of
loss development ratio, as well as the smoothing of major losses
________________________________________________________________
________________________________________________________________;
6) justification and calculation of the amount of obligations of the insurance (reinsurance)
organization related to re-examination and (or) extension of the degree of
disability, deterioration in health of the beneficiary, taken into account
when calculating RIDL by the class of compulsory employee insurance against accidents
in the performance of his labor (official) duties, indicating all
parameters used in the calculation
_____________________________________________________________;
7) the table used containing the probabilities of death,
disabilities, diseases and the values calculated on their basis associated with
the future life expectancy of males and (or) females
(source of formation, building methodology) when calculating insurance reserves for
life insurance contracts and annuity insurance contracts, with its
application
______________________________________________________________
______________________________________________________________;
8) calculation of the amount and justification of the estimated costs, directly
related to the consideration and settlement of the amount of insurance payments on
the declared requirements, as well as the calculation of the average value of the paid claims,
made by groups of insured events
_____________________________________________________________;
9) opinion on the presence or absence of additional risks in the insurance (reinsurance)
organization. If there are additional risks,
it is necessary to indicate the amount of increase in insurance reserves
_____________________________________________________________;
10) description of the assistance received by the actuary from the involved specialists
_____________________________________________________________.
12. Results received and conclusions, including:
1) comparison of the results obtained in the calculation by an actuary who is on the staff of
insurance (reinsurance) organization, and an independent actuary in the context of
insurance reserves and classes of insurance
_____________________________________________________________;
2) opinion on the adequacy of insurance reserves obtained in the calculation made by
an actuary employed by an insurance (reinsurance) organization, and
the results of the analysis of the adequacy of insurance reserves separately for
each class of insurance and for the insurance portfolio as a whole
_______________________________________________________________;
3) results and conclusions ___________________________________________.
13. Assessment of the correctness of drawing up the opinion of the actuary, who is on the staff of insurance (reinsurance) organization, including:
1) compliance of calculations of an actuary who is on the staff of an insurance (reinsurance)
organization with the requirements of the legislation of the Republic of Kazakhstan on insurance and insurance activities;
2) rationale of the assumptions used by the actuary,
employed by an insurance (reinsurance) organization, when calculating
insurance reserves;
3) accounting for additional risks of an insurance (reinsurance) organization by
an actuary who is on the staff of an insurance (reinsurance) organization, when
determining the size of insurance reserves.
14. Recommendations (if absent, indicate "no") ______________________________
____________________________________________________________________.
15. Terms of preparation and place of drawing up an actuarial opinion ___________
____________________________________________________________________.
16. Signature, date and number of copies ___________________________________
____________________________________________________________________.
| Appendix 6 to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
The Rules for issuing a license for the right to carry out actuarial activities in the insurance market
Footnote. The heading - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced sixty calendar days after the day of its first official publication).
Footnote. Appendix 6 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication); dated 14.02.2022 No. 2 (shall be enforced upon the expiration of sixty calendar days after the day of its first official publication); dated 23.11.2022 No. 102 (shall be enforced sixty calendar days after the day of its first official publication).
Chapter 1. General provisions
1. These Rules for issuing a license for the right to carry out actuarial activities in the insurance market (hereinafter referred to as the Rules) have been developed in accordance with Articles 66 and 73 of the Administrative Procedural and Procedural Code of the Republic of Kazakhstan, Article 40 of the Law of the Republic of Kazakhstan "On Insurance Activities" (hereinafter referred to as the Law), the laws of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations", "On Public Services" (hereinafter referred to as the Law on Public Services), "On Permits and Notifications" and shall determine the procedure for the provision by the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the Authorized body) of the state service "Issuance of a license to carry out actuarial activities" (hereinafter referred to as the Public service).
Chapter 2. Procedure for issuing, reissuing and issuing a duplicate license for actuarial activities
2. To receive public service, an individual (hereinafter referred to as the Applicant) shall provide documents in accordance with the list of basic requirements for the provision of public services in accordance with Annex 1 to the Rules.
3. The authorized body issues a license in the form in accordance with Appendix 2 to the Rules.
4. The decision to issue a license is formalized by an order to issue a license to carry out actuarial activities (hereinafter referred to as the order) of an official of the authorized body.
5. The license is subject to renewal in the following cases:
1) change of surname, name, patronymic (if any) of the individual licensee;
2) there is a requirement for re-registration in the laws of the Republic of Kazakhstan.
6. An employee of the authorized body authorized to receive and register an electronic document, on the day of receipt of the application, shall receive it, register and send it for execution to the subdivision of the authorized body responsible for the provision of public services (hereinafter referred to as the Responsible subdivision). When the applicant applies after the end of working hours, on weekends and holidays in accordance with the Labor Code of the Republic of Kazakhstan and the Law of the Republic of Kazakhstan "On Holidays in the Republic of Kazakhstan", the application shall be accepted on the next business day.
An employee of the responsible department within 2 (two) business days from the date of registration of the application shall check the completeness of the submitted documents.
When establishing the fact of incompleteness and (or) expiration of the submitted documents, the employee of the responsible unit within the specified period shall prepare and send to the applicant a reasoned refusal to further consider the application.
When establishing the fact of the completeness of the submitted documents, the employee of the responsible unit during the period of provision of the public service shall examine the documents for compliance with the requirements of paragraph 8 of the list of basic requirements for the provision of the public service "Issuance of a license to carry out actuarial activities" in accordance with Annex 1 to the Rules.
When grounds for a refusal to provide a public service are identified, an employee of the responsible unit shall prepare and send to the applicant a notice of a preliminary decision to refuse to provide a public service, as well as the time and place (method) of the hearing to provide the applicant with the opportunity to express a position on the preliminary decision.
Notification of the hearing shall be sent at least 3 (three) business days before the end of the term for the provision of public service. The hearing shall be held no later than 2 (two) business days from the date of notification.
Based on the results of consideration of the documents submitted by the applicant, and hearing, the responsible unit shall prepare draft orders and licenses or the refusal to issue a license, signs the result of the provision of the public service with an authorized person of the authorized body (hereinafter referred to as the Result of the provision of the public service).
The employee of the responsible unit within 3 (three) business days after the decision of the authorized body to issue, reissue, or issue duplicates (on refusal to issue, or reissue) a license shall send the applicant the result of the provision of public services in the form of an electronic document certified by the electronic digital signature of the authorized person of the authorized authority, to the "personal account" of the applicant.
7. Consideration of a complaint on the provision of public services shall be carried out by the head of the authorized body, the authorized body for assessing and controlling the quality of the provision of public services (hereinafter referred to as the Body considering the complaint).
The complaint shall be submitted to the service provider, the official whose decision, or action (inaction) is being appealed.
The service provider, the official whose decision, or action (inaction) is being appealed, no later than 3 (three) business days from the date of receipt of the complaint, shall send it to the body considering the complaint.
The complaint of the service recipient, received by the service provider, in accordance with paragraph 2 of Article 25 of the Law of the Republic of Kazakhstan "On Public Services" is subject to consideration within 5 (five) business days from the date of its registration.
The complaint of the service recipient, received by the authorized body for assessment and control over the quality of the provision of public services, is subject to consideration within 15 (fifteen) business days from the date of its registration.
Unless otherwise provided by the Law, an appeal to the court shall be allowed after the appeal in the pre-trial procedure.
8. In a complaint sent to the head of the authorized body, the surname, name, and also, if desired, patronymic (if any), postal address are indicated.
Confirmation of acceptance of the complaint by the head of the authorized body is its registration (stamp, incoming number and date) in the office of the authorized body indicating the name and initials of the person who accepted the complaint, the time frame and place of receipt of a response to the complaint.
When contacting through the portal, information on the procedure for appeal can be obtained by calling the unified contact center: 8-800-080-7777 or 1414.
When sending a complaint through the portal, from the "personal account", information about the complaint is available to the applicant, which is updated during the processing of the complaint by the authorized body (notes on delivery, registration, execution, response on consideration or refusal to consider).
| Annex 1 to the Rules for issuing a license for the right to carry out actuarial activities in the insurance market |
The List of basic requirements for the provision of public services "Issuance of a license to carry out actuarial activities"
Footnote. Annex 1 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced upon the expiration of sixty calendar days after the day of its first official publication).
Name of the public service | Issuance of a license to carry out actuarial activities | |
Name of subspecies of public service |
Issuance of a license to carry out actuarial activities | |
1 | Name of the authorized body | Agency of the Republic of Kazakhstan for the regulation and development of the financial market (hereinafter referred to as the authorized body) |
2 | Ways to provide public services (access channels) |
For all subspecies: |
3 | The term for the provision of public services |
when issuing a license - within twenty business days; |
4 | Form of provision of public services |
For all subspecies: |
5 | The result of the provision of public services |
By subspecies: |
6 | The amount of payment charged from the applicant in the provision of public services, and methods of its collection in cases provided for by the legislation of the Republic of Kazakhstan |
By subspecies: |
7 | Schedule |
Schedule: |
8 | List of documents and information required from the applicant for the provision of public services |
To issue a license to carry out actuarial activities: |
9 | Grounds for refusal to provide public services, established by the legislation of the Republic of Kazakhstan |
Issuance of a license to carry out actuarial activities: |
10 | Other requirements, taking into account the specifics of the provision of public services |
The addresses of places for the provision of public services and contact numbers of information services on the provision of public services shall be posted on the official Internet resource of the authorized body. |
| Annex 2 | |
| to the Rules for issuing a license | |
| for the right to carry out actuarial | |
| activities in the insurance market |
Footnote. The text in the upper right corner - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced sixty calendar days after the day of its first official publication).
| Form |
The State Emblem
of the Republic of Kazakhstan full name of the authorized state body Actuarial License
License number _____ License issue date "___" ____ 20___
This license has been issued to_________________________________________________
(last name, first name, patronymic (if any)
___________________________________________________
Data on the license to carry out actuarial activities obtained for the first time
___________________________________________________
(number, date, name of the authorized body,
___________________________________________________
carrying out state regulation, control and supervision
___________________________________________________
financial market and financial organizations that issued the license)
Chairman (Deputy Chairman)
_____________________________ ________________
(place of issue)
| Annex 3 to the Rules for issuing a license for the right to carry out actuarial activities in the insurance market |
Footnote. The text in the upper right corner - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated November 23, 2022 No. 102 (shall be enforced sixty calendar days after the day of its first official publication).
| Form |
Application for a license to carry out actuarial activities
To______________________________________________
(full name of the authorized body carrying out
___________________________________________________
state regulation, control and supervision of the financial market
___________________________________________________and financial institutions)
From_______________________________________________
___________________________________________________
(last name, first name, patronymic (if any) and individual identification number of an individual)
I hereby ask you to issue a license to carry out actuarial activities.
I hereby give my consent to the collection and processing of personal data necessary
for the provision of the state service "Issuance of a license for the implementation of actuarial activities".
I hereby give my consent to the use of information constituting protected secret law contained in information systems.
Information about the individual:
1) education _______________________ ______ _____
___________________________________________________
_________________________________________________;
(year of graduation, speciality, name of educational institution)
_________________________________________________________________________;
2) place of work, position _______________________________________
___________________________________________________
__________________________________________________;
3) phone numbers (city code, business and home) ___________________________________
_______________________.
The actuary shall fully confirm the accuracy of the documents (information) attached to the application.
___________________________________________________
(signature) (last name, first name, patronymic (if any)
"___" __________ 20__
| Appendix 7 to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Rules for conduct of testing
Footnote. Appendix 7 - as amended by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market dated 30.03.2020 No. 45 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).
1. These Rules for conduct of testing (hereinafter referred to as the Rules) are developed in accordance with the Law of the Republic of Kazakhstan dated December 18, 2000 "On insurance activities" and establish the procedure for conduct of testing.
2. Computer testing for knowledge of the legislation of the Republic of Kazakhstan on insurance and insurance activities is carried out by the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the authorized body) within 30 minutes on 30 questions. Test questions include at least three possible answers, one of which is correct.
3. The authorized body notifies the service recipient by sending a message, certified by the digital signature of the authorized person of the service provider, about the date of the computer testing, which takes place at the address of the authorized body. In case of failure to appear for valid reasons to undergo computer testing within the prescribed period, the applicant informs the authorized body about this, indicating the reasons for failure to appear and the possible date of passing the computer testing.
4. During computer testing, only employees of the authorized body and an interpreter, if necessary, are allowed to stay in the same room with the person being tested.
The use of any written, electronic or other informational material is not permitted for computer testing. Violation of the requirements set forth in this paragraph of the Rules is equivalent to a negative result of computer testing.
5. The result of computer testing is considered positive if the applicant receives at least seventy percent of correct answers.
The applicant is subject to familiarization with the results of computer testing by putting a signature immediately after passing the test.
| Appendix 8 to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Application for a license to carry out actuarial activities
Footnote. Appendix 8 was excluded by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market No. 45 dated 30.03.2020 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).
| Appendix 9 to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 191 |
Information on the applicant for a license to carry out actuarial activities
Footnote. Appendix 9 was excluded by the Resolution of the Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market No. 45 dated 30.03.2020 (shall be enforced upon expiry of twenty one calendar days after the day of its first official publication).
