LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 5, 2006 No. 163-III ZRK

About mutual insurance

This Law governs the public relations connected with implementation of mutual insurance and establishes the legal basis of activities of societies of mutual insurance.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) additional contribution - part of the insurance premium which is in addition brought by the member of society of mutual insurance according to the procedure and the cases provided by rules of mutual insurance of society of mutual insurance;

2) mutual insurance - one of insurance forms in case of which each insurer is member of society of mutual insurance;

3) society of mutual insurance (further - society) the legal entity created in form of business of consumer cooperative for the purpose of implementation of mutual insurance of valuable interests of the members;

4) authorized body - the state body performing state regulation, control and supervision of the financial market and financial institutions.

Article 2. Legislation of the Republic of Kazakhstan on mutual insurance

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

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

3. The law of the Republic of Kazakhstan "About consumer cooperative" extends to activities of societies in the part which is not settled by this Law.

Article 3. Principles of mutual insurance

The principles of mutual insurance are:

1) equal rights and obligations of members of society;

2) mutual protection and cross liability of members of society.

Article 4. Subjects of mutual insurance

1. The legitimate valuable interests of members of society combined by the same risks connected with their activities can be subject of mutual insurance.

2. Mutual insurance is performed on industry "life insurance" and industries "general insurance" according to the legislation of the Republic of Kazakhstan on insurance and insurance activity.

3. Combination of industries and classes of insurance in mutual insurance is performed according to the legislation of the Republic of Kazakhstan on insurance and insurance activity.

4. Society has the right to develop the type of insurance combining signs and content of two and more classes of insurance provided by the charter of society taking into account the restrictions on combination of classes of insurance set by the legislation of the Republic of Kazakhstan on insurance and insurance activity.

5. No. 268-VI ZRK is excluded according to the Law of the Republic of Kazakhstan of 28.10.2019

Article 5. Competence of authorized body concerning society

Authorized body:

1) is conducted by the register of societies;

2) is established by the list, forms, terms and procedure for submission of the reporting by societies, except for the financial reporting;

3) considers cases on administrative offenses and imposes measures of administrative punishment according to the legislation of the Republic of Kazakhstan on administrative offenses;

4) is established by procedure and the amount of investment of assets of society;

5) is established by the list, forms and terms of submission of the financial reporting by societies;

6) is determined by the list, forms and terms of representation by societies of primary statistical data;

7) performs other functions provided by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

Chapter 2. Creation and termination of activities of society, right and obligation of his members

Article 6. Name of society

1. The name of society shall contain the words "society of mutual insurance".

2. If society performs the single type of mutual insurance, that its name shall contain specifying on this type of insurance.

3. The name of society shall not contain the words "national", "state", "central", "budget", "republican" in the complete or reduced type in any language.

4. In case of change of the location of the permanent body, separate division society shall inform no later than fifteen working days on it authorized body.

Article 7. State registration of society

Society shall within thirty working days from the date of state registration in writing notify authorized body on passing of state registration with appendix:

1) certificates of state registration of the legal entity and notarially attested copy of the charter;

2) documents testimonial of decision making of creation of society.

Article 8. Constituent documents of society

1. Constituent documents of society are the foundation agreement and the charter.

2. The foundation agreement of society shall contain:"

1) obligation of founders on agreement signature of insurance and introduction of insurance premiums;

2) the size of the money contributions brought by founders on the administrative expenses connected with creation and the organization of activities of society.

3. The charter of society, in addition to the data provided by legal acts of the Republic of Kazakhstan shall contain:

1) the bases of consolidation of members of society, including specifying on community of the valuable interests which are subject to mutual insurance, professional accessory of members of society, community of fields of activity and interests;

2) responsibility of members of society, including subsidiary responsibility on insurance bonds, and also on introduction of additional contributions;

3) insurance classes;

4) payment procedure of insurance premiums and other fees;

5) procedure for forming and use of the insurance and other reserves created by society;

6) it is excluded

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