THE RESOLUTION OF BOARD OF THE AGENCY OF THE REPUBLIC OF KAZAKHSTAN ON REGULATION AND DEVELOPMENT OF THE FINANCIAL MARKET

of September 12, 2022 No. 59

About approval of the minimum requirements to standard agreements on imputed insurance

According to Item 7 of article 6 of the Law of the Republic of Kazakhstan "About insurance activity" Board of the Agency of the Republic of Kazakhstan on regulation and development of the DECIDES: financial market

1. Approve the enclosed minimum requirements to standard agreements on imputed insurance.

2. To provide to department of the insurance market and actuarial calculations in the procedure established by the legislation of the Republic of Kazakhstan:

1) together with Legal department state registration of this resolution in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this resolution on official Internet resource of the Agency of the Republic of Kazakhstan on regulation and development of the financial market after its official publication;

3) within ten working days after state registration of this resolution submission to Legal department of data on execution of the action provided by the subitem 2) of this Item.

3. To impose control of execution of this resolution on the supervising vice-chairman of the Agency of the Republic of Kazakhstan on regulation and development of the financial market.

4. This resolution becomes effective after ten calendar days after day of its first official publication.

Appendix

to the Resolution of Board of the Agency of the Republic of Kazakhstan on regulation and development of the financial market of September 12, 2022 No. 59

The minimum requirements to standard agreements on imputed insurance

1. These minimum requirements to standard agreements on imputed insurance (further – Requirements) are developed according to Item 7 of article 6 of the Law of the Republic of Kazakhstan "About insurance activity" (further – the Law) and determine the minimum requirements to contents of standard agreements by imputed insurance.

2. The agreement on imputed insurance is drafted within one or several classes of insurance taking into account the requirements established by the legislation of the Republic of Kazakhstan and is not separate class of insurance.

3. The agreement on imputed insurance is signed only with the insurance company (further – the insurer) having the license for implementation of class of insurance within which imputed insurance is performed.

4. Insurers under the agreement on imputed insurance are legal entities irrespective of form of business and the individual entrepreneurs registered in accordance with the established procedure and also physical persons.

5. The agreement on imputed insurance contains data on object of insurance which can be the valuable interests of the insurer (responsible person) which are not contradicting the legislation of the Republic of Kazakhstan connected with:

damnification of life and to health of citizens as a result of accidents and other events, diseases;

ownership, use and order of property;

obligation to compensate the harm done to the third parties including as a result of non-execution, improper execution of the obligation;

other valuable interests of the insurer (responsible person) provided by the laws of the Republic of Kazakhstan.

6. The agreement on imputed insurance provides availability at the insurer of insurance interest and does not act as unconditional guarantee of ensuring obligation fulfillment.

7. The agreement on imputed insurance contains data on insured event – event with which approach the insurance contract provides implementation of insurance payment.

Insured events under the agreement on imputed insurance are one or several events:

causing by the insurer (responsible person) harm of life, to health, property (property rights) of the third parties when implementing the activities specified in the insurance contract;

approach of civil responsibility of the insurer on indemnification caused to valuable interests of the third parties as a result of improper execution of professional obligations;

other events provided by the laws of the Republic of Kazakhstan.

8. In the agreement on imputed insurance of civil responsibility, including professional responsibility, the condition that the fact of loss occurrence is determined by the judgment or by agreement of the parties is provided.

9. The insurance sum or limit of the insurer liability is set in the agreement on imputed insurance under the agreement between the insurer and the insurer in case of the conclusion of the insurance contract taking into account the extent of possible damage accepted on risks insurance.

If the legislation of the Republic of Kazakhstan by certain types of professional activity establishes the minimum size of limit of the agreement responsibility of insurance of civil responsibility for damnification, then the limit of the agreement responsibility of insurance cannot be less amount, the Republic of Kazakhstan established by the legislation.

10. The agreement of imputed insurance sets limits of the insurer liability (insurance sums) within total insurance sum according to the insurance contract, namely:

insurance sum on one insured event in case of damnification of life, to health, property of the third parties;

insurance sum on each victim in case of damnification of life, to health of each victim;

insurance sum on each victim in case of property tort of the third party.

11. The amount of insurance premium, procedure and terms of its payment are specified in the insurance contract. The insurance premium is calculated proceeding from the limit of responsibility and insurance rate set by the agreement.

12. The procedure and conditions of implementation of insurance payment, the exhaustive list of documents for insurance payment are specified in the insurance contract. The list of the documents confirming the fact of loss occurrence is determined by the agreement by imputed insurance on natures of possible insured events.

13. The agreement on imputed insurance provides cases of complete or partial refusal in insurance payment according to Article 839 of the Civil code of the Republic of Kazakhstan.

14. The agreement on imputed insurance provides condition about transition to the insurer who performed insurance payment within the amount of the right of the return requirement to the insurer, or person responsible for losses paid to them.

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