Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of December 18, 2000 No. 126-II

About insurance activity

(The last edition from 03-04-2019)

Chapter 1. General provisions

Article 1. Legislation of the Republic of Kazakhstan on insurance and insurance activity

1. The legislation of the Republic of Kazakhstan on insurance and insurance activity is based on the Constitution of the Republic of Kazakhstan and consists of the Civil code of the Republic of Kazakhstan, this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. The relations arising from insurance and relating to coverage of other legal acts of the Republic of Kazakhstan are regulated by these acts, except for the relations which are directly settled by this Law.

2-1. This Law does not govern the relations connected with compulsory social medical insurance.

3. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

Article 2. The relations regulated by this Law

1. This Law determines basic provisions by insurance implementation as type of business activity, feature of creation, licensing, regulation, termination of activities of the insurance (reinsurance) organizations, insurance brokers, activities condition in the insurance market of other physical persons and legal entities, tasks of state regulation of the insurance market and the principles of ensuring control and supervision of insurance activity.

2. The regulatory legal acts of National Bank of the Republic of Kazakhstan (further - authorized body) accepted according to this Law are obligatory for all participants of the insurance market.

3. On the insurance (reinsurance) organizations, insurance brokers and other legal entities performing activities within the specific mode of regulation, regulation of this Law and the regulatory legal acts of authorized body adopted according to this Law entered according to the Law of the Republic of Kazakhstan "About National Bank of the Republic of Kazakhstan" extend in the limits provided by conditions of specific mode of regulation.

Article 3. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) adzhaster - the employee of the insurance (reinsurance) organization as whom enter consideration of the application on insurance payment and damage assessment from insured event;

1-1) actuaries - the physical person who passed examinations in the minimum obligatory training program of actuaries installed by regulatory legal act of authorized body;

1-2) consolidation of actuaries - the self-regulatory organization based on voluntary membership of actuaries, created for ensuring protection of interests of the members, creation of conditions of professional activity and accomplishment of other functions;

1-3) underwriters - the employee of the insurance (reinsurance) organization as whom enter assessment of the insurance risks accepted on insurance, and determination of conditions of insurance contracts (reinsurance);

2) assistans - provision by insurance companies, legal entities of the help to the insurer (insured, to the beneficiary) who got into difficulties during its travel or its stay in the distance from the residence in the form of money and (or) in natural and material form through technical, medical assistance owing to loss occurrence;

3) control - opportunity to determine decisions of the legal entity, arising in the presence of one of the following conditions:

immediate or indirect possession by one person independently or together with one or several persons in more than fifty percent of shares in the authorized capital or placed (less exclusive and redeemed by society) shares of the legal entity or opportunity availability to vote independently in more than fifty percent of shares of the legal entity;

opportunity availability at one person independently to choose at least a half of structure of governing body or executive body of the legal entity;

inclusion of the financial reporting of the legal entity, except for the financial reporting of the special finance company created according to the legislation of the Republic of Kazakhstan on project financing and securitization in the financial reporting of other legal entity according to the audit report;

availability of possibility of one person independently or together with one or several persons to determine decisions of the legal entity owing to the agreement (supporting documents) or otherwise in the cases provided by regulatory legal act of authorized body;

4) the parent organization - the legal entity who has control over other legal entity;

5) the affiliated organization - the legal entity in relation to whom other legal entity has control;

6) indirect possession by shares in the authorized capital or ownership (vote) of shares of the legal entity - opportunity to determine decisions of the legal entity, the large member of the legal entity or persons who jointly are the large member of the legal entity through ownership (vote) of shares (shares in the authorized capital) other legal entities;

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