Article 13. Formation of conditional obligations of the Law On the Insurance Benefit Guarantee Fund

Home / RLA / Article 13. Formation of conditional obligations of the Law On the Insurance Benefit Guarantee Fund

1. The participating insurance company is obliged to form and keep records of contingent liabilities.

The amount of contingent liabilities of an insurance organization participating in the Fund under cumulative insurance contracts under guaranteed types (classes) insurance specified in paragraph 2-1 of Article 7 of this Law is calculated based on the volume of insurance reserves formed and the rate of contingent liabilities.

The amount of contingent liabilities for other guaranteed types of insurance is calculated by the insurance organization participating in the Fund based on the amount of its insurance premiums for guaranteed types of insurance and the rate of contingent liabilities.

2. The methodology for calculating the rate of contingent liabilities, the procedure for their formation and accounting are established by regulatory legal acts of the authorized body.

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.

President

Republic of Kazakhstan

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