LAW OF THE KYRGYZ REPUBLIC

of August 4, 2008 No. 189

About obligatory civil liability insurance of carrier before passengers

Accepted by Jogorku Kenesh of the Kyrgyz Republic on June 20, 2008

This Law governs the relations arising in the field of obligatory civil liability insurance of carrier before passengers and establishes legal, financial and organizational basis of its carrying out.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

the insurer - the citizen or the legal entity who signed the insurance contract with insurance company (insurer);

the insurer - the legal entity (insurance organization), the license for the implementation of insurance of the corresponding type which is the commercial organization and having;

insurance premium - the payment caused by the agreement which the insurer shall pay to the insurer according to the procedure and the terms established by the insurance contract;

insurance rates - the rates developed by the insurer and applied by him in case of determination of the size of the insurance premium which is subject to payment according to the insurance contract;

insurance sum - the amount within which the insurer shall pay insurance indemnity under the agreement of property insurance or which it shall pay under the agreement of personal insurance;

insurance indemnity - the amount paid by the insurer according to the insurance contract in damage covering in case of loss occurrence;

insured event - the accomplished fact provided by the insurance contract or the law with which approach there is obligation of the insurer to make insurance payment to the insurer, insured person or beneficiary;

insurance risk - expected event on which case of approach insurance is led;

premiums - the insurance premium which is periodically brought to the insurer by the insurer in accordance with the terms of the insurance contract;

insurance reserves - the special cash funds created by insurers of the received premiums on types of insurance for the purpose of ensuring accomplishment of the insurance bonds assumed by them;

the beneficiary - person who is the victim and (or) the victim's heir - physical person in case of his death or the legal successor in case of reorganization of the legal entity, the having right to insurance indemnity;

reinsurance - insurance fully or partially risk of payment of insurance indemnity at other insurer under the agreement of reinsurance signed with it. At the same time the insurer according to the insurance contract (basic agreement) who signed the agreement of reinsurance is in the agreement of reinsurance by the insurer;

double insurance - insurance of the same property at two or several insurers;

joint insurance - insurance of one object under one agreement jointly several insurers;

the franchize - release of the insurer from the damages which are not exceeding certain size;

responsibility limit - the maximum size of the insurance indemnity paid by the insurer on one insured event;

carrier - the physical person or legal entity which is owning railway, water, air, the automotive vehicle on the property right or on other legal causes and the having right to implementation of public conveyance and their property for a fee or on hiring according to the legislation of the Kyrgyz Republic;

the passenger - physical person which in agreement performance of transportation, concluded from his name or him, is transported for a fee by carrier;

the victim - the passenger, to life, health to which property harm in transit is done. Children who follow together with the passenger harm in transit is done to life and (or) health of which, are also recognized injured irrespective of whether they are recognized passengers;

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