Model contract and calculation methodology for the pension annuity
Unofficial English summary prepared for informational purposes. Official source: Әділет / adilet.zan.kz. Version checked: 2026-06-20. This is a reference card; in case of discrepancies, the official Kazakh and Russian texts prevail.
Metadata
| Act number | № 45 |
| Act type | Regulator's resolution |
| Authority | ARDFM (financial-market regulator) |
| Adoption date | 07.06.2023 |
| Last amended | 27.01.2026 |
| Status | In force |
| Әділет identifier | V2300032831 |
Scope and relevance
The key actuarial-methodological act on the pension annuity: the model contract, the methodology for calculating the insurance premium and benefit, the permissible level of insurer expenses, and the benefit indexation rate. Effective from 01.07.2023.
Official source
Official source: Adilet / https://adilet.zan.kz/rus/docs/V2300032831 The relevance of the editorial office has been verified: 2026-06-20.
Note IZPI! Effective from 07/01/2023.
In accordance with subparagraph 5) of Article 15 and paragraph 11 of Article 226 of the Social Code of the Republic of Kazakhstan, the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market DECIDES:
- Approve the Standard Pension Annuity Agreement in accordance with Appendix 1 to this resolution.
2. Establish a Methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement in accordance with Appendix 2 to this resolution.
- the permissible level of expenses of an insurance organization, a branch of a non-resident insurance organization of the Republic of Kazakhstan for conducting business under concluded pension annuity agreements in the amount of no more than 1.5 (one and a half) percent of the amount of the insurance premium and 3 (three) percent of each insurance payment;
2) the indexation rate of the insurance payment in the amount of at least 8 (eight) percent.
4. To recognize as invalid some regulatory legal acts of the Republic of Kazakhstan, as well as certain structural elements of regulatory legal acts of the Republic of Kazakhstan according to the list in accordance with Appendix 3 to this resolution.
5. The Department of the Insurance Market and Actuarial Calculations, in accordance with the procedure established by law, shall ensure:
- jointly with the Legal Department, state registration of this resolution with the Ministry of Justice of the Republic of Kazakhstan;
2) placement of this resolution on the official Internet resource of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market after its official publication;
3) within ten working days after the state registration of this resolution, submission to the Legal Department of information on the implementation of the event provided for in subparagraph 2) of this paragraph.
6. Control over the implementation of this resolution shall be assigned to the supervising Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
7. This resolution comes into force on July 1, 2023 and is subject to official publication.
Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market M. Abylkasymova
"AGREED"Ministry of Labor and Social Protection of the Population of the Republic of Kazakhstan
Appendix 1 to the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 7, 2023 No. 45
Standard pension annuity agreement No. ______________ "" ________ 20
An insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan _________________________________________________, (full name and location _____________________________________________________________________ of an insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan) hereinafter referred to as the "Insurer" represented by _______________________________________________________________, (position, surname, first name, patronymic (if any) acting on the basis of the Charter (Regulations), Licenses for the right to carry out insurance activities in the industry "life insurance" in the class "pension annuity insurance" dated "" _______ 20, No. ___, issued by the authorized body for regulation, control and supervision of the financial market and financial organizations, and the Insurance Rules in the class "pension annuity insurance", approved by the Insurer, on the one hand, and the Individual (Individuals) _____________________________________________________________________ (last name, first name, patronymic (if any), _____________________________________________________________________ date of birth, individual identification number, place of residence, identification document, __________________________________________________, (series, number) issued by _________________________________ "" year, (by whom) (date of issue) _____________________________________________________________________ (last name, first name, patronymic (if any), _____________________________________________________________________ date of birth, individual identification number, place of residence, identification document, __________________________________________________, (series, number) issued _________________________________ "" year, (by whom) (date of issue) hereinafter referred to as the “Policyholder” or “Policyholders” (if there is a second policyholder), on the other hand, hereinafter collectively referred to as the “Parties”, have entered into this Pension Annuity Agreement (hereinafter referred to as the Agreement) as follows:
Chapter 1. Subject of the Agreement
- In accordance with the Agreement, the Policyholder (Policies) undertakes (undertake) to transfer the amount of the insurance premium to the Insurer, and the Insurer undertakes to make insurance payments in favor of the insured (insured) for life.
Chapter 2. Procedure and conditions for paying insurance premiums and making insurance payments
2. The amount of the insurance premium of the Insured (Insured) is _______________ (in figures and in words) tenge and consists of the redemption amount from another insurance organization in the amount of _____________ (in figures and in words) tenge and _____________ (in figures and in words) tenge (if there is a second policyholder) and pension savings from the unified accumulative pension fund in the amount of __________ (in figures and in words) tenge and _____________ (in figures and in words) tenge (if there is a second policyholder).
3. Payment of the insurance premium to the Insurer from each Policyholder according to the Agreement is made as a one-time payment and in full.
4. Insurance (insurance) payment (payments) is (are) carried out according to the Schedule of Insurance Payments in accordance with Appendix 1 to the Agreement in accordance with Article 225 of the Social Code of the Republic of Kazakhstan (hereinafter referred to as the Code).
5. The first (first) monthly insurance (insurance) payment (payments) is (are) made by the Insurer in accordance with the requirements of paragraph 12 of Article 226 of the Code.
The amount of the first monthly insurance payment to the insured is _______ (in numbers and in words) tenge and _______ (in numbers and in words) tenge (if there is a second insured).
6. The indexation rate is ______ (in numbers and in words) percent. The amount of insurance payments under the Policy increases annually by the indexation rate. Changes in the amount of insurance payments, taking into account indexation, are reflected in the Schedule of Insurance Payments in accordance with Appendix 1 to the Agreement.
7. The period for making guaranteed insurance payments (if any) is _______ year(s) from "" ______ 20 to "" _______ 20 and from "" ______ 20 to "" _______ 20 (if there is a second insured).
8. When making insurance payments, the Insurer withholds the amount of tax calculated from the income of the insured (insured), taxed at the source of payment in the manner prescribed by the tax legislation of the Republic of Kazakhstan, and the contribution to the compulsory social health insurance system in accordance with the Law of the Republic of Kazakhstan “On Compulsory Social Health Insurance”.
9. The insurance payment(s) is transferred(s) by the Insurer to the bank account(s) of the insured(s) opened in a second-tier bank of the Republic of Kazakhstan or a branch of a non-resident bank of the Republic of Kazakhstan.
Payment for banking services related to transfers, deposits and payments of insurance benefits is carried out at the expense of the Insurer's own funds.
10. In the event of the death of the Insured (Insured) and (or) the insured, the Insurer makes an insurance payment (payments) in the form of a one-time payment for funeral to the family or person who performed the burial in the amount of ________ (in numbers and in words) tenge, but not less than 35 times the monthly calculation index established for the corresponding financial year by the law on the republican budget for each Insured (if there is a second policyholder).
11. In the event of the death of the Policyholder (Policies) and (or) the insured, the person specified in the Contract, and in the absence of one, the heirs of the Policyholder (Positives) receive the guaranteed insurance payments unpaid by the Insurer under the Contract (if any), if the Policyholder (Policies) and (or) the insured did not receive them in full or did not receive them during their lifetime.
12. In the event of the death of the Policyholder (Policies) and (or) the insured before receiving the first monthly insurance payment under the Policy, the person specified in the Policy, and in the absence of such, the heirs of the Policyholder (Policies) receive a lump sum redemption amount corresponding to the accumulation period at the time of death of the Policyholder (Policies), calculated in accordance with the Rules for the issuance by an insurance organization engaged in accumulative insurance activities, loans to its policyholders and calculation redemption amount, as well as the procedure and conditions for the provision of services by a branch of a non-resident insurance (reinsurance) organization of the Republic of Kazakhstan, carrying out accumulative insurance activities, for the issuance of loans by a non-resident insurance organization of the Republic of Kazakhstan to its policyholders, approved by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations dated September 25, 2004 No. 274, registered in the Register of State Registration of Normative Legal Acts under No. 3190 (hereinafter referred to as Rules No. 274).
13. The person(s) entitled to receive guaranteed insurance payments and (or) redemption amount in the event of the death of the Policyholder(s) and (or) the insured(s) is (are) (filled out at the request of the Policyholder(s):
(last name, first name, patronymic (if any),
(individual identification number),
(if there are several recipients, data is indicated for each separately).
Chapter 3. Rights and obligations of the Parties
14. The policyholder (Policies) has (have) the right to:
- familiarization with calculations of the amount of insurance payments made by the Insurer;
2) use of pension savings to pay the insurance premium when concluding an Agreement with the Insurer or making changes and (or) additions to the existing Agreement;
3) raising own funds if the amount of pension savings is insufficient to pay the insurance premium when concluding an Agreement with the Insurer or making changes and (or) additions to existing Agreements;
4) engaging independent actuaries to calculate the amount of insurance payments made by the Insurer;
5) receiving a copy of the Agreement;
15. The policyholder (Policies) is obliged:
- notify the unified accumulative pension fund, voluntary accumulative pension fund within 10 (ten) calendar days from the date of conclusion of the Agreement or amendments to the Agreement with the presentation of the original of such agreement and (or) additional agreement to the Agreement;
2) upon termination of the Agreement, apply for termination of the Agreement and provide the original of the pension annuity agreement with a new insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan within 10 (ten) working days from the date of conclusion of the new pension annuity agreement;
3) if personal data and (or) bank details for which the Insurer makes monthly insurance payments change, inform the Insurer about this within 10 (ten) calendar days from the date of such change. Failure to notify the Insurer of changes in bank details releases the Insurer from making monthly insurance payments until the correct bank details are provided.
- familiarize the Policyholder(s) with calculations of the amount of insurance payments;
2) draw up the Agreement in the manner prescribed by the Code and the regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations;
3) within 20 (twenty) calendar days from the date of receipt of the original pension annuity agreement concluded with a new insurance organization or branch of a non-resident insurance organization of the Republic of Kazakhstan, transfer the redemption amount to the insurance organization or branch of a non-resident insurance organization of the Republic of Kazakhstan specified in the pension annuity contract.
From the date of receipt of the original pension annuity agreement concluded with a new insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan, payments according to the schedule are terminated;
4) in case of untimely payment of insurance payments provided for in the Agreement, pay the Policyholder(s) or the insured(s) a penalty in the amount of 1.5 (one and a half) percent of the unpaid amount for each day of delay, but not more than 50 (fifty) percent of the unpaid amount;
5) notify the Policyholder of the receipt of the amount of the insurance premium under the Policy within 5 (five) business days from the date of its crediting to the Insurer’s account in writing or in another way determined by agreement of the parties to the Contract, indicating the amount of transferred pension savings;
6) in the event of the death of the Policyholder (Policyholders) and (or) the insured (the insured), make an insurance payment in the form of a lump sum payment for the funeral of his (her) family or the person who performed the burial in the amount established by clause 10 of the Agreement;
7) within twenty calendar days from the date of receipt of the application to change the terms of the contract in terms of reducing the amount of insurance payments and returning money to the unified accumulative pension fund, transfer to the unified accumulative pension fund the amount of money to be returned in the amount provided for in clause 26 of the Agreement.
Chapter 4. Liability of the Parties in case of failure to fulfill obligations due to force majeure
17. The parties are released from liability for partial or complete failure to fulfill obligations under the Agreement if proper fulfillment turned out to be impossible due to force majeure circumstances. Force majeure circumstances include, but are not limited to, the following circumstances: fires, floods, earthquakes, natural disasters, blockades, strikes, military actions, terrorist attacks and other similar circumstances that the Parties could not foresee and that directly affected the execution of the Agreement.
18. The Party for which it becomes impossible to fulfill its obligations under the Agreement, no later than 20 (twenty) calendar days, notifies the other Party of the onset of the circumstances specified in clause 17 of the Agreement.
Chapter 5. Other conditions
19. The contract is concluded on the basis of a written application from the Policyholder (Policies).
20. The Agreement comes into force and becomes binding on the Parties from the moment the amount of the insurance premium is transferred to the Insurer in full.
21. The conclusion to the pension annuity agreement is drawn up in the form in accordance with Appendix 2 to the Agreement.
22. The contract is valid for life.
23. All changes and additions to the Agreement are formalized by an additional agreement and signed by the Parties.
24. The agreement is drawn up in 3 (three) copies, each of which is in the Kazakh and Russian languages, having equal legal force.
25. Termination of the Agreement is carried out in the manner prescribed by paragraph 8 of Article 226 of the Code.
Upon dissolution of marriage (matrimony) in accordance with the Code of the Republic of Kazakhstan “On Marriage (Matrimony) and Family,” Policyholders have the right to contact the Insurer to terminate the contract and conclude a new pension annuity contract. At the same time, the amounts of insurance payments and redemption amounts under the new pension annuity agreement remain unchanged and will correspond to the amounts of insurance payments and redemption amounts provided for in Appendix 1 to the Agreement.
Upon termination of the Agreement:
- the redemption amount is determined in accordance with Rules No. 274.
When concluding a Policy by two Policyholders, the redemption amount for each insured is determined separately. In order to calculate the redemption amount for each insured person, the amount of the insurance premium is used, calculated based on the amount of insurance payments;
2) the amount of the monthly insurance payment from an insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan under a newly concluded pension annuity agreement is not less than 70 (seventy) percent of the cost of living for each policyholder (insured).
26. The Policyholder(s) have the right to contact the Insurer with an application to change the terms of the contract in terms of reducing the amount of insurance payments and returning money to the unified pension savings fund, but not earlier than two years from the date of conclusion of the Contract.
The amount of money to be returned to the unified accumulative pension fund is equal to the difference between the redemption amount under the Agreement on the date of amendments to it and the amount of the insurance premium calculated based on the amount of payment determined by clause 5 of the Agreement on the date of amendments to the Agreement.
27. Upon termination of the Agreement, the Insurer’s expenses for conducting business shall not exceed 1.5 (one and a half) percent of the amount of the insurance premium and 3 (three) percent of each insurance payment made.
28. When concluding the Agreement, the Insurer has the right to make the Policyholder (Policies) involved in insurance dividends, that is, in the amount of money not guaranteed by the Agreement due from the distribution of the Insurer’s profit, calculated in accordance with its internal rules.
Chapter 6. Dispute resolution procedure
29. If disagreements arise in the process of fulfilling obligations under the Agreement, the Parties are obliged to take all necessary measures to resolve them out of court.
30. Unsettled disputes of the Parties under the Agreement are considered by the courts of the Republic of Kazakhstan in accordance with the legislation of the Republic of Kazakhstan.
Chapter 7. Details and signatures of the Parties
INSURER ________________________________ (name of the Insurer, branch, legal address, telephone, fax, E-mail) ________________________________ bank details (name of the bank, current account number) ________________________________ surname, first name, patronymic (if any), signature of the Insurer's representative Date _______________________ INSURED POLICY HOLDERS ___________________________________ ___________________________________ (last name, first name, patronymic (if any), place of residence, telephone, E-mail) ___________________________________ individual identification number ___________________________________ ___________________________________ (last name, first name, patronymic (if any), place of residence, telephone, E-mail) ___________________________________ individual identification number ___________________________________ bank details (bank name, current account number) ___________________________________ signature of the Policyholder ___________________________________ signature of the Policyholder (if there is a second policyholder) Date ___________________________________
Appendix 1 to the Standard Pension Annuity Agreement
Insurance payment schedule
Date of payment for the first insured Amount of the periodic insurance payment for the first insured (tenge) Amount of the redemption amount for the first insured (tenge) Date of payment for the second insured Amount of the periodic insurance payment for the second insured (if any) (tenge) Amount of the redemption amount for the second insured (if any) (tenge)
Periodic insurance payments under pension annuity contracts concluded before January 1, 2018 are made on a monthly, or quarterly, or semi-annual, or annual basis.
The amount of periodic payments during the year, made on a quarterly, or semi-annual, or annual basis, is not less than the amount of periodic insurance payments, made on a monthly basis throughout the year.
Under pension annuity contracts concluded from January 1, 2018, insurance payments are made monthly.
Actuary _________________________________________________
last name, first name, patronymic (if any)
Appendix 2 to the Standard Pension Annuity Agreement Form
Conclusion to the pension annuity agreement No. ___________ "" ___________ 20
Information about the insured Last name, first name, patronymic (if any) Date of birth, age Gender Information about the second insured (if any) Last name, first name, patronymic (if any) Date of birth, age Gender Information on the Contract Grounds for concluding a pension annuity agreement Amount of insurance premium Amount of insurance premium calculated based on the amount of insurance payments for the first Insured Amount of insurance premium calculated based on the amount of insurance payments for the second Insured (if there is a second insured) Amount of redemption amount from another insurance organization Amount of pension savings from a unified accumulative pension fund Amount of redemption amount from another insurance organization for the second Insured (if there is a second insured) Amount of pension savings from a unified accumulative pension fund for the second Insured (if there is a second insured) Duration of insurance payments for the first annuitant Duration of insurance payments for the second annuitant Period of guaranteed insurance payments for the first insured (if any) with "" _________________ 20 to "" ______ 20 Period of guaranteed insurance payments for the second insured (if any) from "" _________________ 20 to "" ______ 20 Effective annual percentage rate of return Indexation rate Costs of running a business based on the amount of the insurance premium (in percent) Costs of running a business based on the amount of the insurance payment (in percent) Current value factor taking into account guaranteed insurance payments (if any) Current value factor taking into account guaranteed insurance payments (if any) and expenses Amount of the first periodic insurance payment for the first insured Amount of the first periodic insurance payment for the second insured (if any)
In the line “Grounds for concluding a pension annuity agreement” it is necessary to indicate the norm(s) of the Social Code of the Republic of Kazakhstan, on the basis of which (which) the pension annuity agreement was concluded.
Actuary _________________________________________________________________
last name, first name, patronymic (if any)
Appendix 2 to the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 7, 2023 No. 45
Methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement
- The methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement (hereinafter referred to as the Methodology) was developed in accordance with the Social Code of the Republic of Kazakhstan (hereinafter referred to as the Code) and the Law of the Republic of Kazakhstan “On Insurance Activities” and establishes the requirements for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement.
The provisions of the Methodology applied to insurance organizations apply to branches of non-resident insurance organizations of the Republic of Kazakhstan opened on the territory of the Republic of Kazakhstan.
2. For the purposes of the Methodology, the following basic concepts are used:
- adequacy of pension savings - the amount of pension savings required to conclude a pension annuity agreement with a monthly insurance payment of at least 70 (seventy) percent of the minimum subsistence level (1.4 times the subsistence level when concluding a pension annuity agreement by two persons), valid on the date of concluding the pension annuity agreement;
2) guaranteed insurance payments - periodic insurance payments to the policyholder (policyholders) and (or) the insured, or the person specified in the pension annuity contract, and in its absence, to the heirs of the policyholder, during the period of time specified in the pension annuity contract, regardless of the survival of the policyholder and (or) the insured or policyholders;
3) fund (funds) – a unified pension savings fund (a unified pension savings fund and (or) a voluntary pension savings fund);
4) insurance premium - pension savings and (or) redemption amount received upon termination of a pension annuity agreement with another insurance organization or a branch of a non-resident insurance organization of the Republic of Kazakhstan, aimed at purchasing a pension annuity in an insurance organization of the Republic of Kazakhstan or a branch of a non-resident insurance organization of the Republic of Kazakhstan at the choice of the policyholder (policyholders);
5) insurance organization - a legal entity licensed by the authorized body for regulation, control and supervision of the financial market and financial organizations (hereinafter referred to as the authorized body) for the right to carry out insurance activities in the “life insurance” industry in the “pension annuity insurance” class;
6) branch of a non-resident insurance organization of the Republic of Kazakhstan - a separate division of a non-resident insurance organization of the Republic of Kazakhstan, which is not a legal entity, located on the territory of the Republic of Kazakhstan and carrying out insurance activities on the basis of a license from the authorized body for the right to carry out insurance activities in the “life insurance” industry in the class “pension annuity insurance”;
7) insured - an individual determined by the pension annuity agreement and who is the recipient of insurance payments in accordance with the pension annuity agreement;
8) policyholder - an individual who has entered into a pension annuity agreement in accordance with Article 226 of the Code.
3. Pension savings are directed by the fund (funds) for the purchase of a pension annuity at the choice of the policyholder (policyholders) to one of the insurance organizations of the Republic of Kazakhstan.
4. To calculate the amount of the insurance premium and insurance payment under a pension annuity contract, the current value factor is used, taking into account the costs of running the business.
5. The current value factor under a pension annuity agreement is determined in accordance with paragraphs 1 and 2 of Appendix 1 to the Methodology.
When calculating the insurance premium and insurance payment, all parameters of the current value factor are used in annual terms.
6. The adequacy of pension savings and the insurance premium under a pension annuity contract are calculated by an actuary on the staff of the insurance organization in accordance with paragraph 3 of Appendix 1 to the Methodology.
7. Insurance organizations, when calculating the factor of the current cost of future insurance payments under a pension annuity contract, use mortality indicators to calculate insurance payments under a pension annuity contract, specified in Appendix 2 to the Methodology and established in Appendix 1 to the Rules for calculating annuity payments under an annuity contract and on the requirements for an annuity contract and the permissible level of expenses of the insurer for conducting business under concluded annuity contracts, approved by a resolution of the Board Agency of the Republic of Kazakhstan for Regulation and Supervision of the Financial Market and Financial Organizations dated March 1, 2010 No. 28, registered in the Register of State Registration of Normative Legal Acts under No. 6156 (hereinafter referred to as Appendix 1 to Rules No. 28).
When calculating the factor of the present value of future insurance payments under a pension annuity contract, the following mortality indicators are used:
- for persons with disabilities of the first group, if the disability is established indefinitely - specified in Appendix 1 to Rules No. 28 for persons who have lost 90-100% of their professional ability to work;
2) for persons with disabilities of the second group, if the disability is established indefinitely - specified in Appendix 1 to Rules No. 28 for persons who have lost their professional ability to work by 60-89%;
3) for persons with disabilities of the third group, if the disability is established indefinitely - specified in Appendix 1 to Rules No. 28 for persons who have lost their professional ability to work by 30-59%;
4) for persons specified in subparagraph 4) of paragraph 1 of Article 221 of the Code and not specified in subparagraphs 1), 2) and 3) of part two of this paragraph - specified in Appendix 1 to Rules No. 28 for persons who have lost their professional ability to work by 5-29%;
5) for persons not specified in subparagraphs 1), 2), 3) and 4) of part two of this paragraph - specified in Appendix 2 to the Methodology.
8. When calculating the amount of the insurance premium under a pension annuity contract, an effective annual interest rate of return of no less than 9 (nine) and no more than 12 (twelve) percent per annum in national currency is used.
9. The amount of periodic insurance payment under a pension annuity contract is determined in accordance with paragraph 4 of Appendix 1 to the Methodology.
Appendix 1 to the Methodology for calculating insurance premiums and insurance payments from an insurance organization under a pension annuity agreement
Calculation of the current value factor, adequacy of pension savings and insurance premium, the amount of periodic insurance payment under a pension annuity agreement
- The current value factor is determined for each policyholder separately as the sum of the product of the discount factor, the indexation rate in appropriate degrees and the sum of the products of the indicator (indicators) of the recipient's survival from the age on the date of conclusion of the pension annuity contract to the age of receiving insurance payments for the year, the discount factor and the indexation rate in appropriate degrees:
i – effective interest rate of return;
x0 is the age of the annuitant at the time of concluding the pension annuity agreement;
t is a variable with values from 0 to ∞.
During the period of guaranteed insurance payments and during the period from the conclusion of the pension annuity agreement to the age specified in paragraph 12 of Article 226 of the Social Code of the Republic of Kazakhstan, the probability of survival of the annuitant is equal to one;
m – frequency of insurance payments.
2. Current value factor taking into account the expenses of the insurance organization:
c – costs of conducting a business based on the amount of the insurance premium (in percentage);
d – costs of conducting the case based on the amount of insurance payment (as a percentage).
3. The adequacy of pension savings and the insurance premium under a pension annuity contract are calculated using the following formula:
PN – pension savings, in the case of two Policyholders, the amount of pension savings of the Policyholders;
SV – the amount of insurance payment is not less than 70 (seventy) percent of the cost of living established by the law on the republican budget for the corresponding financial year, in force on the date of conclusion of the pension annuity agreement;
m – frequency of insurance payments;
c – costs of conducting a business based on the amount of the insurance premium (in percentage);
d – costs of conducting the case based on the amount of insurance payment (as a percentage);
When concluding a pension annuity agreement by two policyholders, in order to calculate the adequacy of pension savings and the insurance premium under the pension annuity agreement, the amount of the insurance payment of the first insured is used as the amount of the insurance payment.
When concluding a pension annuity agreement by two policyholders, the amount of the insurance premium, calculated based on the amount of insurance payments for each policyholder, is determined as follows:
SP – insurance premium for each policyholder;
SV – the amount of insurance payment is not less than 70 (seventy) percent of the cost of living established by the law on the republican budget for the corresponding financial year, in force on the date of conclusion of the pension annuity agreement;
m – frequency of insurance payments;
c – costs of conducting a business based on the amount of the insurance premium (in percentage);
d – costs of conducting the case based on the amount of insurance payment (as a percentage).
4. The amount of periodic insurance payment under a pension annuity agreement is determined by the following formula:
SV - the amount of insurance payment is not less than 70 (seventy) percent of the cost of living established by the law on the republican budget for the corresponding financial year, in force on the date of conclusion of the pension annuity agreement.
When concluding a pension annuity agreement by two policyholders, the amount of the insurance payment of the second insured is determined as the product of the amount of the insurance payment of the first insured and
m – frequency of insurance payments;
c – costs of conducting a business based on the amount of the insurance premium (in percentage);
d – costs of conducting the case based on the amount of insurance payment (as a percentage);
Appendix 2 to the Methodology for calculating insurance premiums and insurance payments under a pension annuity agreement
Mortality rates for calculating insurance payments under a pension annuity contract
Age Men Women 45 0.00506324 0.00105021 46 0.00541322 0.00115314 47 0.00578732 0.00126615 48 0.00618720 0.00139024 49 0.00661461 0.00152647 50 0.00707133 0.00167605 51 0.00755957 0.00184026 52 0.00808139 0.00202055 53 0.00856150 0.00221848 54 0.00911608 0.00243578 55 0.00974127 0.00267434 56 0.01043421 0.00293622 57 0.01119231 0.00322371 58 0.01212124 0.00353929 59 0.01305795 0.00388571 60 0.01400278 0.00426596 61 0.01501191 0.00468334 62 0.01596719 0.00514145 63 0.01692128 0.00564423 64 0.01787294 0.00619604 65 0.01882189 0.00680160 66 0.01976891 0.00746613 67 0.02067111 0.00819532 68 0.02161884 0.00899540 69 0.02256598 0.00987319 70 0.02351273 0.01083618 71 0.02551640 0.01189253 72 0.02781936 0.01305117 73 0.03048121 0.01432187 74 0.03357435 0.01571531 75 0.03718733 0.01724312 76 0.03942173 0.01891804 77 0.04240343 0.02075393 78 0.04527532 0.02276590 79 0.04833681 0.02497042 80 0.05159970 0.02738210 81 0.05507533 0.03002636 82 0.05877769 0.03292159 83 0.06272054 0.03609071 84 0.06691831 0.03955854 85 0.07138613 0.04335197 86 0.07613984 0.04750000 87 0.08119598 0.05203393 88 0.08657181 0.05698741 89 0.09325468 0.06239659 90 0.10149249 0.06830019 91 0.11160518 0.07473955 92 0.12400550 0.08175869 93 0.13922717 0.09042079 94 0.15632075 0.10110721 95 0.17551690 0.11431587 96 0.19707469 0.13069990 97 0.22128032 0.15112112 98 0.24847002 0.17473764 99 0.27900683 0.20205015 100 0.31330354 0.23363790 101 0.35182396 0.27016395 102 0.39508920 0.31241675 103 0.44368478 0.36128724 104 0.49826864 0.41781337 105 0.55958003 0.48319612 106 0.62844965 0.55882516 107 0.70582143 0.64631980 108 0.79272471 0.74751993 109 0.87892804 0.85071915 110 1 1
Appendix 3 to the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated June 7, 2023 No. 45
List of some normative legal acts of the Republic of Kazakhstan, as well as certain structural elements of normative legal acts of the Republic of Kazakhstan, recognized as no longer in force
- Resolution of the Board of the National Bank of the Republic of Kazakhstan dated October 20, 2015 No. 194 “On approval of a standard pension annuity agreement, establishment of a Methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement, the permissible level of expenses of an insurance organization for conducting business under concluded pension annuity agreements, as well as the indexation rate of insurance payment” (registered in the Register of State Registration of Normative Legal Acts under No. 12318);
2. Resolution of the Board of the National Bank of the Republic of Kazakhstan dated March 27, 2017 No. 44 “On amending the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated October 20, 2015 No. 194 “On approval of a standard pension annuity agreement, establishing a Methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement, the permissible level of expenses of the insurance organization for conducting business under concluded pension agreements annuity, as well as indexation rates of insurance payments" (registered in the Register of State Registration of Normative Legal Acts under No. 15116);
3. Item 6 of the List of regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the financial market, to which changes are made, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated July 30, 2018 No. 157 “On amendments to certain regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the financial market” (registered in the Register of State Registration of Regulatory Legal Acts under No. 17559);
4. Item 9 of the List of regulatory legal acts of the Republic of Kazakhstan on issues of regulation of insurance activities, to which changes and additions are made, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 27, 2018 No. 204 “On amendments and additions to certain regulatory legal acts of the Republic of Kazakhstan on issues of regulation of insurance activities” (registered in the Register of State Registration of Regulatory Legal Acts under No. 17492);
5. Item 1 of the List of regulatory legal acts of the Republic of Kazakhstan on issues of regulation of insurance activities, to which changes and additions are made, approved by Resolution of the Board of the National Bank of the Republic of Kazakhstan dated September 12, 2019 No. 157 “On introducing amendments and additions to certain regulatory legal acts of the Republic of Kazakhstan on issues of regulation of insurance activities” (registered in the Register of State Registration of Normative Legal Acts under No. 19380);
6. Item 2 of the List of regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the insurance market, to which changes and additions are made, approved by Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated January 26, 2021 No. 5 “On amendments and additions to certain regulatory legal acts of the Republic of Kazakhstan on issues of regulation of the insurance market” (registered in the Register of State Registration of Regulatory Legal Acts under No. 22142);
7. Item 2 of the List of regulatory legal acts of the Republic of Kazakhstan on the regulation of accumulative insurance products, to which changes and additions are made, approved by the Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated October 20, 2022 No. 74 “On amendments and additions to some regulatory legal acts of the Republic of Kazakhstan on the regulation of accumulative insurance products” (registered in the Register of State Registration of Regulatory Legal Acts under No. 30335);
8. Resolution of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market dated February 20, 2023 No. 4 “On amending the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated October 20, 2015 No. 194 “On approval of a standard pension annuity agreement, establishing a Methodology for calculating the insurance premium and insurance payment from an insurance organization under a pension annuity agreement, the permissible level of expenses of an insurance organization for conducting business on concluded pension annuity contracts, as well as the indexation rate of insurance payments" (registered in the Register of State Registration of Normative Legal Acts under No. 32004).