Article 10. Mandatory terms of the participation agreement The Law on the Insurance Benefit Guarantee Fund

Home / RLA / Article 10. Mandatory terms of the participation agreement The Law on the Insurance Benefit Guarantee Fund

The participation agreement must contain:

1) the full name of the parties, information about their location and bank details;

2) an indication of the subject of the contract in accordance with this Law;

3) the rights and obligations of the parties in accordance with this Law;

4) the procedure for the payment of mandatory and extraordinary contributions, as well as the formation of contingent liabilities;

5) the terms and procedure for determining the amount and making a guarantee payment to the creditor;

6) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective after ten calendar days after the date of its first official publication); 7) excluded by the Law of the Republic of Kazakhstan dated 02/02/2006 No. 128 (for the procedure of entry into force, see art. 2); 8) excluded by the Law of the Republic of Kazakhstan dated 07/02/2018 No. 166-VI (effective effective upon the expiration of ten calendar days after the date of its first official publication);

9) terms of termination of the participation agreement;

10) terms of liability of the parties for violation of the participation agreement;

11) excluded by the Law of the Republic of Kazakhstan dated 07/15/2010 No. 338-IV (for the procedure of entry into force, see art. 2).

If the participating insurance company has a license to provide compulsory civil liability insurance for vehicle owners, the following conditions must be included in the participation agreement:

1) the procedure for the payment of initial one-time, additional contributions;

2) the responsibility of the parties.

The Law of the Republic of Kazakhstan dated June 3, 2003 No. 423.

This Law defines the legal status, the procedure for the establishment and operation of the Insurance Benefit Guarantee Fund, as well as the conditions for the participation of insurance organizations, branches of insurance organizations that are non-residents of the Republic of Kazakhstan in the Insurance Benefit Guarantee Fund and the principles of ensuring control over its activities.

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Republic of Kazakhstan

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