Article 8-1. Commission fee of the Insurance Benefit Guarantee Fund Act

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1. The Fund shall charge a commission fee for the implementation of investment activities in respect of the funds of the insurance benefit guarantee reserves and the damage compensation reserve.

2. The Fund's commission rate is set at no higher than:

1) 7.5 percent of the total investment income received during the financial year from investing funds from insurance benefit guarantee reserves and damage compensation reserves;

2) 0.025 percent of the total contributions made for the financial year to the reserves for guaranteeing insurance payments in the "general insurance" and "life insurance" sectors and the damage compensation reserve.

3. The Fund's commission rate is determined annually by the Fund's Board of Directors.

4. The Fund's commission rate may change no more than once a year.

5. The rules for collecting the Fund's commission are approved by a regulatory legal act of the authorized body.

The Law of the Republic of Kazakhstan dated June 3, 2003 No. 423.

This Law defines the legal status, the procedure for the establishment and operation of the Insurance Benefit Guarantee Fund, as well as the conditions for the participation of insurance organizations, branches of insurance organizations that are non-residents of the Republic of Kazakhstan in the Insurance Benefit Guarantee Fund and the principles of ensuring control over its activities.

President

Republic of Kazakhstan

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