Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF THE REPUBLIC OF KAZAKHSTAN

of June 3, 2003 No. 423-II

About Fund of guaranteeing insurance payments

(as amended on 02-01-2021)

This Law determines legal status, procedure for creation and activities of Fund of guaranteeing insurance payments, and also conditions of participation of insurance companies, branches of the insurance nonresident organizations of the Republic of Kazakhstan in Fonda of guaranteeing insurance payments and the principles of ensuring control of its activities.

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) agent bank - bank or the organization performing separate types of banking activities, rendering services in implementation of warranty payments to creditors on the basis of the agency agreement with Fund of guaranteeing insurance payments;

2) the victim - person, lives to which health harm as a result of operation of the vehicle by the other person is done;

3) indemnification reserve - the amount of money created by Fund of guaranteeing insurance payments at the expense of the initial onetime fees and additional contributions, and also income (losses) gained from their investment, minus commission fee, used only for indemnification of life, to health of the victim and (or) expenses on burial, in the cases provided by this Law;

4) advisory committee - the joint advisory advisory body representing the interests of insurance companies, branches of the insurance nonresident organizations of the Republic of Kazakhstan being participants of system of guaranteeing insurance payments;

5) the creditor - the insurer (insured, the beneficiary) having the right to warranty payment under the agreement of the compulsory insurance of compulsorily liquidated insurance company which is compulsorily stopping activities of branch of the insurance nonresident organization of the Republic of Kazakhstan in case of loss occurrence, under the agreement of the annuity insurance of the liquidated insurance company which is compulsorily stopping activities of branch of the insurance nonresident organization of the Republic of Kazakhstan, guaranteed by Fund of guaranteeing insurance payments or the other person who compensated to the victim (person having the right to indemnification) damage suffered within scope of responsibility of the insurer established by the insurance contract and the laws of the Republic of Kazakhstan and the acquired right to insurance payment;

6) additional contribution - the amount of money paid by insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan to Fund of guaranteeing insurance payments for compulsory insurance of civil responsibility of owners of vehicles for forming of reserve of indemnification according to this Law;

6-1) branch of the insurance nonresident organization of the Republic of Kazakhstan which is compulsorily stopping activities - branch of the insurance nonresident organization of the Republic of Kazakhstan on which the decision on deprivation of the license for the right of implementation of insurance activity is made by authorized body;

7) compulsorily liquidated insurance company - the insurance participating organization concerning which the judgment about involuntary liquidation took legal effect;

8) equity - the assets of Fund of guaranteeing insurance payments reduced by its obligations and reserve of guaranteeing insurance payments;

9) compulsory contributions - the amount of money paid by the insurance participating organization to Fund of guaranteeing insurance payments for the guaranteed types of insurance according to the procedure, determined by this Law and other regulatory legal acts of the Republic of Kazakhstan;

10) the applicant - the legal entity registered as insurance company according to the legislation of the Republic of Kazakhstan or insurance company, the branch of the insurance nonresident organization of the Republic of Kazakhstan which underwent accounting registration, intended to obtain the license and (or) to perform activities for the guaranteed types of insurance;

11) warranty payment on annuity classes of insurance - the amount of money paid by Fund of guaranteeing insurance payments to the insurer (insured, to the beneficiary) and (or) for benefit of the annuity insurance insured within guaranteeing according to the procedure and on the conditions provided by this Law;

12) the guaranteed types of insurance - types of insurance on which this Law provides obligatory participation in Fonda of guaranteeing insurance payments;

13) warranty payment on obligatory types of insurance - the amount of money paid by Fund of guaranteeing insurance payments according to the procedure and on the conditions provided by this Law to the insurer (insured, to the beneficiary) on the come insured events according to the insurance contract of compulsorily liquidated insurance company, the branch of the insurance nonresident organization of the Republic of Kazakhstan which is compulsorily stopping activities, in the cases provided by the Law of the Republic of Kazakhstan "About insurance activity";

14) system of guaranteeing insurance payments - complex of the organization-legal measures provided by this Law, directed to protection of the rights and legitimate interests of the insurers (insured, beneficiaries) connected with receipt of warranty payment on obligatory classes of the insurance of compulsorily liquidated insurance company which is compulsorily stopping activities of branch of the insurance nonresident organization of the Republic of Kazakhstan in case of loss occurrence and also warranty payment on annuity classes of the insurance of the liquidated insurance company which is compulsorily stopping activities of branch of the insurance nonresident organization of the Republic of Kazakhstan;

15) insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan, being participants of system of guaranteeing insurance payments (the insurance participating organization), - the insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan which signed the agreement of participation with Fund of guaranteeing insurance payments;

16) payments of Fund of guaranteeing insurance payments for indemnification of life, health of the victim and (or) expenses on burial - the amount of money paid to the victim, life to whose health harm, and to persons specified in items 4 and the 5th article 17-1 of this Law in the cases provided by this Law is done;

17) reserve of guaranteeing insurance payments - the amount of money created by Fund of guaranteeing insurance payments at the expense of compulsory contributions, income (losses) gained from their investment minus commission fee, and also money received by it from compulsorily liquidated insurance (reinsurance) organization, the branch of the insurance nonresident organization of the Republic of Kazakhstan which is compulsorily stopping activities according to the procedure of satisfaction of requirements of Fund of guaranteeing the insurance payments and used in cases stipulated in Item 2-2 articles 12 of this Law;

18) the insurance contract - the agreement signed by the insurer with insurance company, branch of the insurance nonresident organization of the Republic of Kazakhstan for the guaranteed types of insurance;

19) the liquidated insurance company - the insurance participating organization on which the authorized body makes the decision on deprivation of the license;

20) extraordinary fees - the amount of money which is in addition paid by the insurance participating organization to Fund of guaranteeing insurance payments in the cases provided by this Law;

21) the standard agreement of participation (further - the agreement of participation) - the agreement of participation in system of guaranteeing insurance payments signed between Fund of guaranteeing insurance payments and the insurance participating organization according to the procedure and on the conditions determined by this Law;

22) contingent obligations - the obligations of the insurance participating organization to Fund of guaranteeing insurance payments created by it for payment of extraordinary fees.

Article 2. Legislation on Fonda of guaranteeing insurance payments

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

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