Article 11. Termination of membership in the Company The Law on Mutual Insurance

Home / RLA / Article 11. Termination of membership in the Company The Law on Mutual Insurance

1. Membership in the company is terminated in the following cases::

1) voluntary withdrawal from membership;

2) exclusions on the basis and in the manner prescribed by the company's articles of association, including non-fulfillment of obligations to pay the insurance premium;

3) liquidation of a legal entity that is a member of the company;

4) the death of a member of the company, declaring him deceased, or declaring him missing in accordance with the procedure established by the legislation of the Republic of Kazakhstan;

5) liquidation of the company.

2. If a member of the company has previously made other contributions for the purposes of the company, he has the right, upon termination of membership in the company, to receive them back, minus the debt owed to the company, within the time limits stipulated by the company's articles of association.

Insurance premiums and additional contributions paid by a member of the company are not refundable, except in cases provided for by legislative acts of the Republic of Kazakhstan.

3. Consideration of an application for voluntary withdrawal from the membership of the company and the return to the applicant of the contributions specified in paragraph 2 of this Article shall be carried out by the company within a period not exceeding one month from the date of filing the application.

4. In the event of the death of a member of the company, his heir has the right to join the company in accordance with the procedure provided for in the articles of association of the company.

In case of refusal of the heir to join the company, he shall pay to the heir other contributions previously made by the testator provided for in paragraph 2 of this article.

5. A founder who has not paid an insurance premium and has not signed an insurance contract within the time limits established by the founding agreement shall be excluded from the membership of the founders.

The Law of the Republic of Kazakhstan dated July 5, 2006 No. 163.

This Law regulates public relations related to the implementation of mutual insurance and establishes the legal basis for the activities of mutual insurance companies.

President

Republic of Kazakhstan

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