LAW OF THE REPUBLIC OF KAZAKHSTAN

of June 11, 2003 No. 435-II

About compulsory insurance of civil responsibility of private notaries

This Law governs the public relations arising in connection with compulsory insurance of civil responsibility of private notaries and establishes legal, economic 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:

1) the private notary - the citizen of the Republic of Kazakhstan who is performing notarial activities without formation of legal entity based on the license for the right of implementation of notarial activities and underwent accounting registration in territorial authority of justice;

2) civil responsibility of the private notary - the obligation of the private notary established by the civil legislation of the Republic of Kazakhstan to compensate the harm done as a result of making of notarial actions;

3) the beneficiary - person who according to this Law is receiver of insurance payment;

4) insured event - event with which approach the insurance contract provides implementation of insurance payment;

5) insurance ombudsman - the independent physical person in the activities performing settlement of disagreements between participants of the insurance market according to the Law of the Republic of Kazakhstan "About insurance activity";

6) insurance sum - amount of money for which object of insurance is insured and which represents limiting scope of responsibility of the insurer in case of loss occurrence;

7) insurance premium - amount of money which the insurer shall pay to the insurer for adoption by the last of the obligation to make insurance payment to the beneficiary in the amount of, determined by the agreement of compulsory insurance of civil responsibility of the private notary;

8) insurance payment - the amount of money paid by the insurer to the insurer (beneficiary) within insurance sum in case of loss occurrence;

9) the insurer - the legal entity registered as insurance company and having the license for the right of implementation of insurance activity obliged to make in case of loss occurrence insurance payment to the insurer or the other person for benefit of whom the agreement (beneficiary), within the insurance sum determined by the agreement is signed;

10) the insurer - the private notary who signed the agreement of compulsory insurance of civil responsibility of the private notary with the insurer;

11) the third party - person, not being the agreement party of compulsory insurance of civil responsibility of the private notary to which valuable interests harm in case of accomplishment by the private notary of the professional obligations connected with making of notarial actions for which implementation the private notary according to the legislation of the Republic of Kazakhstan on notariate shall sign the agreement of compulsory insurance of civil responsibility of the private notary is done;

12) the franchize - release of the insurer from the indemnification which is not exceeding certain size.

Article 2. Legislation of the Republic of Kazakhstan on compulsory insurance of civil responsibility of private notaries

1. The legislation of the Republic of Kazakhstan on compulsory insurance of civil responsibility of private notaries 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.

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